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Asset Management

In 1990, MassDevelopment embarked on redevelopment of the Jodrey State Pier in Gloucester under a long-term ground lease which allowed the agency to invest in and redevelop the property. As a critical marine industrial asset owned and previously managed by the Massachusetts Department of Conservation and Recreation, the agency has seen a high occupancy and use of the property since its engagement despite the challenges that the commercial fishing industry has faced.

Based on MassDevelopment’s success in Gloucester, it was determined that the New Bedford and Fall River State Piers would also benefit from the agency’s stewardship, and in 2017, the agency entered into a management and operations agreement for both properties, adding oversight of domestic and international cargo operations and passenger ferry services to our responsibilities. Additionally, the Schooner Ernestina, a National Historic Landmark and gift of the Republic of the Republic of Cabo Verde, makes her homeport at the New Bedford State Pier.

Teamed with a staff of professionals in both real estate and the marine industry sector, the agency continues to invest in these critical marine assets as we look to the economic impact that such assets continue to produce for the Commonwealth of Massachusetts.