The Marina at American Wharf is located in Norwich Harbor, Connecticut
The Marina at American Wharf, located in Norwich Harbor in the US state of Connecticut, is being auctioned online this week by Norwich Community Development Corporation (NCDC) and Tranzon real estate auctioning firm.
According to the Norwich Bulletin, there have been issues between the city and Joyal Management since the group took over the property in 2011. In June, the City Council voted unanimously to notify Joyal Management Group that it will be in violation of its lease with the city unless it pays back rent makes necessary repairs to the marina. The lease terms also say Joyal is responsible for making repairs and improvements.
The property is being offered as a complete package, or in two smaller parcels, but NCDC President Bob Mills is hoping they can find a single owner for the entire marina property. Mills said a standalone seasonal harbour, and a standalone seasonal restaurant is not economically viable on its own.
“In order for it to function and make a return, it needs more assets built on the site,” he said.
The 5.25-acre marina was originally leased to the city in 1987 for a term of 99 years to Ronald Aliano, who developed the property and opened it in 1988. After Aliano’s death, his family put the lease of the property up for sale.
Joyal Capital Management, a Massachusetts-based financial consulting firm, purchased the property for $750,000 in 2011.
Attorney Glenn Carberry, who represents Joyal, submitted a letter disputing his client has violated its lease.
“There are no buildings falling down, the parking lots are fully paved and lined, and there is no garbage strewn around the property,” the letter said. “Regular landscaping is being done, and summer employees are proceeding with their daily projects. The pool and related facilities for the boaters are open.”
The auction concludes on Friday.