At its December 18, 2025, meeting, the Cambridge Waterfront Development Inc. (CWDI) board announced that it has selected a commercial real estate broker to market properties at Cambridge Harbor.
CWDI Board President Angie Hengst said the broker’s identity will be revealed once the contract is finalized, adding the presence of a broker marks a significant step toward attracting private developers for the infrastructure and public amenities envisioned for the project.
The board also used the year’s final meeting to review finances, discuss a proposed operating budget, and note renewed federal interest in the project.
Financial Review and Approvals
Board members approved updated financial statements for audit, showing the project remains primarily grant-funded with total grant income just under $2.4 million. Key funding includes a nearly $1.8 million federal Economic Development Administration grant, a state appropriation as local match, and about $297,000 from the state Rural Economic Development Fund for infrastructure design.
Earlier property sale proceeds offset a reported loss of roughly $75,000. CWDI is holding about $109,000 in retainage payable (10 percent withheld from contractor invoices until closeout), with half already released.
The board ratified approximately $98,000 in prior executive committee-approved expenditures and noted pending approvals for $6,200 in recurring costs. A $150,000 invoice from the earthmoving contractor (from October) awaits engineer certification before payment.
Operating Budget and Future Funding
A draft 2026 operating budget projecting $485,000 in income was presented, including anticipated property sale proceeds and planned requests for $75,000 each from the City of Cambridge and Dorchester County in 2027.
Expenses cover contract services, administration, audits, legal/professional fees, insurance (high cost, including liability, directors/officers, and property), maintenance (expected to increase post-promenade opening for landscaping and stormwater management), utilities, and marketing/public relations.
No vote was taken; the budget will be revisited at the January annual meeting.
Federal Interest
The board approved sharing project information with Lacey Summers, Mid-Atlantic director for the U.S. Department of Housing and Urban Development, who requested a site visit and discussions with local officials about potential infrastructure funding via the federal Opportunity Zone program, which offers tax incentives to boost investor engagement.
Attendees included board members Hengst, Michael Frenz (VP, remote), Frank Narr, Tim Crosby, Gaver Nichols (remote), Bernard Brathwaite (remote), Tracy Ward (CAO), Glenn Steckman (City Manager), and Jerry Jones (County Manager).
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