I have been getting a lot of questions lately about the Cambridge Waterfront Development Inc. (CWDI) project. Here is what I know. These are simply the facts for you so you can make up your own mind.
The project covers almost 35 acres of the 6,734 acres of the City of Cambridge or one/half of one percent of the City. The project is centered at the old Hospital site with sides on the Choptank River and Cambridge Creek, which is projected by CWDI to be the premier retail site in the City. CWDI wants the City to put up a $30.3 million loan for the infrastructure. The loan will be over 29.5 years at a projected interest rate of 5.5%. This will pay for roads, sidewalks, sewers, water, electrical, cable, etc. CWDI wants to put in the infrastructure before any developers are identified, which may cause some difficulties. CWDI projects that there will be 543 people living at Cambridge Harbor when it is completed.
CWDI is planning on developing the land and maintaining it at least for the life of the loan. So, they will have their own management team, finance and maintenance groups, marina employees, and people to book and operate the amphitheater. The City will still provide police, fire, and clean water. CWDI plans to build:
1. A multi-storied hotel with 100 rooms to be opened by 2026. The hotel will employ 48 people and
have an average cost of $171 per room per night. It will also have a rooftop restaurant with a great
view of the River and Creek. Visitors to the harbor are projected to consume $121 in food and
beverages on average.
2. 30,000 sq ft of retail space, mainly on the first floor of the Condos. This might sound like a lot of space,
but it only amounts to about ten sites at 3,000 sq ft each. CWDI projects it will be for banks, clothing
stores, juice bars, coffee shops, Ice cream stores and other retail outlets.
3. 110 condos with an average of 1,250 sq feet and with an average assessed value of $311,355. CWDI
plans to start building some of these in 2026 and finish by 2028.
4. 116 townhouses with an average assessed value of $347,262. Construction will start in 2026.
5. Seven single-family homes with an assessed value of $402,378, all to be built in 2026
6. CWDI has projected that 2.3 persons will live in each of the above dwellings.
7. A non-profit fitness and recreational facility, which will be built in 2026. This sounds like the YMCA,
which spent $47,000 on-site plans for that very spot. CWDI spent $5,000 on drawings to develop the
current YMCA site, but CWDI insists that there is no agreement or contract with the YMCA in spite of
the fact that the YMCA was identified on a former map.
8. A second City marina of 125 slips at a cost of $8 to $10 million to construct. The marina would have 12
employees. The current City marina of about 200 slips needs several million dollars to replace old
docks E, F, and H. It has lots of vacancies and has 2.5 employees.
9. A second City amphitheater at a cost unknown to me.
10. An expansion of the swimming area next to the Visitors center at a cost unknown to me.
11. A brick walkway on the Riverside at a cost unknown to me.
CWDI has also purchased the Richardson Museum property. Plans for development are unclear to me. CWDI also wants to sell 2.6 acres to Yacht Maintenance for a price unknown to me. How they arrived at the price is also unclear to me. It is also unclear to me who approves the CWDI budget.
As you can see, there are a number of things I do not know, but I am sure some will be explained at the upcoming meeting on April 18th. Please keep in mind, however, when listening to CWDI’s presentation, whether this project is good just for CWDI or for the whole City of Cambridge.
Charles McFadden is the President of the Cambridge Association of Neighborhoods
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