A Cranston subsidiary of TPG Hotels & Resorts is in the process of acquiring the Dutch Harbor Boat Yard.
City councilors, pending review from their legal team, have approved a lease transfer from Dutch Harbor Boat Yard LLC to TPG Marinas Dutch Harbor LLC. The sanction authorizes the new pending owner to operate the West Ferry municipal parking lot.
According to the potential buyer, Mark Tsocanos, his company was formed as a joint venture to expand the TPG brand into marinas. He said he was “very impressed” with current owner Joe McGrady for creating a “world class operation”.
“We fully intend to carry on this legacy,” Tsocanos said.
McGrady, who will continue to live in the house next to the shipyard, said he was “really happy with the team that is going to buy Dutch Harbor. I am excited about it.
According to the listing, the West Ferry Shipyard is 0.6 acres with a 255-foot dock, 13 slips, and 118 moorings. There are also 6,500 square feet of buildings that include a marine rail, laundry room, restrooms, showers, an off-season warehouse, and a seasonal take-out restaurant.
McGrady, who bought the marina in 2014 after Alison and Larry Eichler pulled the shipyard out of receivership, decided to sell the property to lighten its workload. An American Airlines pilot with a “large portfolio of apartments” in Providence, McGrady plans to split his time between Jamestown and Austin, Texas, the hometown of his wife’s family.
According to Tsocanos, he’s no stranger to the west coast of the ferry. When his father attended Naval War College in the 1950s, he spent his childhood fishing and clam digging in Dutch Harbor.
Councilor Randy White, whose house is a short walk from the marina, has asked Tsocanos to promise his company will not turn the property into a beach resort.
“We have no intention of making it a seaside resort. If that was a possibility, we would be delighted, but I don’t think it’s likely, ”he joked. “We really see him as he is.”