Lease agreement could be finalised by the end of January
A potential buyer is in place for the Marina at American Wharf and a lease agreement with the city of Norwich, Connecticut, could be finalised by the end of January, according to local reports.
Mayor Peter Nystrom told the Norwich Bulletin that the interested group has reached an agreement regarding the sale price, but the details are still being worked out between the current owner, the potential buyer and city officials.
Nystrom said it’s the city’s intention to ensure the next owner restores the marina to a full-service operation, including fuel service. The marina’s fuel tanks had reached the end of their 30-year, in-ground lifespan last autumn and were removed at the end of the 2017 season. Those tanks were never replaced by ownership, a decision that riled both city officials and local boaters.
“We are also looking to add enhanced language to the lease to protect the city’s investment,” Nystrom said.
Massachusetts-based Joyal Capital Management owns the marina. The city owns the marina land, and the original 99-year lease with marina developer American Wharf Development Corp. was signed in 1987. Joyce Capital purchased the marina in 2011 for US$750,000. The property is listed for US$1.8m.