News, Rumor, and Opinion by, for, and About the Town We Love

Rockport May Glimpse Future
in Newburyport Development Plan

{Across the Bridge}

Newburyport:: A city of antiques shops and fishing docks, red-brick and cobblestone, Newburyport is full of old New England charm.

But the Clipper City doesn't have a lot of housing with views of the Merrimack River. Or enough boat slips to make its harbor really hum. Or parking spots. And folks still can't seem to get a hotel built here, especially one with a function room for fancy dinners.

Now enters the man from Nantucket.

Stephen R. Karp—the resort island's largest commercial property owner—now holds the same title in Newburyport. Since February, Karp, best known as a mall developer, has spent about $38 million to buy a majority stake in more than 20 downtown properties owned by Charles and Ann Lagasse, long the city's largest commercial landlords.

''Newburyport is a kind of a special, little place," Karp said in his first extensive interview on his investment in the city. ''It's on the North Shore, has a harbor and a downtown that already is very strong, with shops and great restaurants. There is a certain excitement there. I believe we can add to that."

The Lagasses retain an interest in the properties, which they acquired over several years. Their hope was to bring an upscale vision to Newburyport, inspired by the late Walter Beinecke's success on Nantucket.

Karp's company, New England Development of Newton, has bought into restaurants, marinas, condos, and retail buildings along State, Pleasant and other streets, and open space, according to filings at the Southern Essex County Registry of Deeds in Salem.

Ann Lagasse said she will continue to manage the properties for Karp. ''We're excited to be working with them," Lagasse said. ''They have experience in planning and executing projects, but they also have an appreciation for perserving historic communities."

Karp has not decided just what he'll build in Newburyport. But the waterfront is clearly his focus, particularly 8 acres he owns stretching from the Black Cow restaurant to Michael's Harborside, a restaurant he owns with partners. Newburyport recently adopted new zoning that encourages mixed use along the waterfront, including housing.

''That's where we see a little village of housing and retail," he said. ''The area down toward Michael's really is a boatyard now. Its potential really hasn't been tapped."

A market study now underway will determine which kind of housing, including condos and single-family homes, should go there. ''We think there is a real opportunity to increase housing there," Karp said. ''There isn't a lot of housing there now with water views, and that's too bad. The waterfront is a great asset for Newburyport."

Newburyport, one of the state's smallest cities with just over 17,000 people, is used to having its downtown controlled by a few key players. The Lagasses have always owned some of their properties with other local partners. Still, Karp, a big-city developer whose malls in the past have drawn businesses from downtowns, remains an unknown in this riverfront city, and his investment has generated quite a buzz in political and business circles.

''It's always scary when one owner controls so much property," said Mayor Mary Anne Clancy. ''But everything the Lagasses did in the downtown was always very tasteful, with the best interest of the community in mind. I have to believe Steve Karp will do the same."

''Some people are nervous," said Bill Piercey, executive director of the Newburyport Chamber of Commerce & Industry. ''They've heard he's bought things here, but don't really know what he plans… . On the other hand, he's not the sort of developer that jumps in, builds overnight, and runs out of town. We should be grateful for that."

Karp's vision for Newburyport is broad-based. He sees more boat traffic in the summer, visitors year-round to its fine restaurants and shops, and possibly a hotel. He thinks the downtown already is in good shape, particularly State Street, where red-brick storefronts house trendy restaurants such as the Rockfish and treasures like Fowle's, where locals gather at the lunch counter.

Still, Karp hopes to lure new retailers, having already spoken to a few from Nantucket, southern New Hampshire, and Maine. ''There is virtually no vacancy in downtown, but we do see some potential to bring additional retail there," he said.

He's still undecided about adding a hotel, which several developers, including the Lagasses, have long tried to build in Newburyport. ''We're looking at different possibilities for a hotel," he said. ''There are little niches in every market for a hotel. But we haven't determined yet what that would be in Newburyport."

Karp, 65, built 16 shopping malls, starting with Liberty Tree Mall in Danvers in 1972. Six years ago, Karp sold most of his malls, including Liberty Tree, Northshore in Peabody, Square One in Saugus, and Fox Run in Newington, N.H., for $1.7 billion to Simon Property Group of Indianapolis.

He has since turned his attention to Pier 4 on the Boston waterfront, where he is building a Westin hotel. On Nantucket, where he is the island's biggest landlord, his holdings include the historic Jared Coffin House and much of the cobblestoned downtown, with its mix of boutique shops.

In Newburyport, Karp has yet to make any major moves. He hasn't filed any plans or applied for any development permits at City Hall. That likely won't happen until next year, he said. He declined to estimate how much the new development would cost. But it will be locally managed. Ralph Cox, a Newbury resident who works for him, will be the project manager. ''Wherever we do projects, we like to work closely with a community," Karp said.

Still, even his new retail tenants wonder what Karp has in store for the historic downtown.
''We don't know what comes next," said Greta Reineke, owner of Greta's Great Grains, a bakery cafe on Pleasant Street. ''I just hope our [lease] contract will go on as usual. Rents go up all the time, so that wouldn't be a surprise if they went up now."

Another shop owner, whose business expanded here from Nantucket, hopes Karp keeps the community in mind.

''I think he'll probably be very good for Newburyport," said Nan King Parker, an owner of the Nantucket Stock Exchange, an antiques and home decor shop on Water Street that is not owned by Karp. ''But I wouldn't want to see it become Nantucket."

Karp said he has no plans to remake Newburyport into a ''Nantucket North." But he does see similarities between the posh island and the old shipbuilding city. Among them, a waterfront, local retailers, old sea captains homes, elegant restaurants, and natural resources like Plum Island and the Joppa Flats, which is overseen by the Audubon Society.

''We can't make it into an island, obviously," he said. ''But the Audubon Society is there and I think that's intriguing to people. And just the idea that there are beaches there, that are part of a federal seashore… . There are similarities to Nantucket."

Karp was introduced to Newburyport by his friend, Walter Beinecke. Beinecke, who died last year, was heir to the S & H Green Stamp fortune. Beinecke is widely credited with preserving Nantucket's charm as an old whaling capital, while recasting the island as an international destination for yachters, birders, golfers, and the corporate elite.

He spruced up shabby buildings, leasing them to one-of-a-kind retailers. In the late 1980s, Beinecke sold his properties to Winthrop Financial Associates of Boston, and later moved to Newburyport. The Lagasses, who had gradually acquired downtown properties, sought his advice to create a new vision for Newburyport.

Beinecke first asked Karp to consider partnering with the Lagasses a few years ago. Karp, known for his patience when evaluating deals, passed at first. But he quietly measured the business climate. He helped Not Your Average Joe's with a market study, before the suburban restaurant chain moved into the Firehouse Center on Merrimac Street.

Karp watched residential real estate values soar 71 percent since 2000. He noticed Life Is Good, the sporty apparel retailer, and Talbots open downtown. And eventually, the man from Nantucket staked his claim on Newburyport. ''It is a unique place," Karp said. ''And we hope to add to its flavor."

© Copyright 2005 Globe Newspaper Company

Posted by Observer Staff at November 6, 2005 05:54 PM

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