Marlow decides not to purchase Eastport property
David Marlow of Marlow Yachts has decided not to purchase city-owned property at Deep Cove Road in Eastport for a yacht repair or production facility with a possible boatbuilding educational component.
David Marlow of Marlow Yachts has decided not to purchase city‑owned property at Deep Cove Road in Eastport for a yacht repair or production facility with a possible boatbuilding educational component. A release issued on July 20 by Eastport City Council President Robert Peacock states that it was with deep disappointment that the city received the news. "The city has worked tirelessly to assist Mr. Marlow with his plans, but Mr. Marlow has chosen to pursue other avenues."
Marlow could not be reached for comment about his reasons not to pursue the purchase.
In the fall of 2010, Marlow came to the City of Eastport and expressed an interest in purchasing the city‑owned property where The Boat School has been located, as well as a number of adjoining properties. While no formal agreement was signed, an informal document drafted in December 2010 listed a number of possibilities for the site, including a yacht repair and maintenance yard. The price Marlow offered was $850,000 for the 20.8 acres, less than half of the assessed value of $1.97 million. The first inkling that Marlow might have chosen to pursue other avenues was when news was released in June that Marlow Yachts purchased a foreclosed boatyard in Florida, Merrill Stevens, for $6.6 million. The sale was 23% below the $8.6 million mortgage held by Coconut Grove Bank, according to a report in the South Florida Business Journal.
In order for the city to have sold the facility where The Boat School is located to Marlow Yachts, legislation had to be enacted to allow for the sale of the city-owned property. Peacock notes, "The city appreciates the assistance of many organizations and individuals in attempting to move the economy of Eastport and eastern Maine forward. Governor LePage, the Maine State Legislature, Maine Senate President Kevin Raye, State Rep. David Burns, the Maine Community College System, the Maine state park system, Thom Johnson of Husson University, the Eastport Port Authority, the ladies of The Commons, and especially the Friends of The Boat School have all contributed their time and expertise to this project."
Maine Senate President Kevin Raye comments, "I'm very disappointed by David Marlow's decision not to proceed with the purchase of the Boat School property, and I hope to have an opportunity to speak with him to explore it further. His proposal offered not only a viable way to secure the future of the Boat School but also the promise of expanded private‑sector employment and economic growth." Husson University had announced in April that it would no longer be operating the Boat School after teaching out the current students this coming year.
Raye adds, "The withdrawal of the Marlow proposal is a severe blow to the effort to maintain the Boat School, though the property remains an enormously valuable asset for the community, and I know it will figure prominently in Eastport's economic future."
Peacock states, "The Eastport assets of the Deep Cove property, the airport, the port, the working waterfront, tidal power development, the artist community, the beautiful downtown and especially the dedicated work ethic of its workforce that attracted the Marlow organization originally are still in place. We continue to look forward to a bright future for the facility in assisting the city in its economic development. The City of Eastport remains ready, willing and able to assist entrepreneurs and organizations in developing the economy of Eastport and eastern Maine."