Yacht Brokerage Slated for Former Paint Factory

Local businessman Jeff Bunk is planning to open up a brokerage to market used boats at the site of the former CAI/Arnel factory.

The site at 128 Rear Water St. was cleared and the property has remained empty for the past six years since an explosion at the ink and paint manufacturing plant on Water Street ripped through Danversport, inflicting serious damage throughout the neighborhood.

The land -- about .8 acres -- was purchased by Bunk in January for $202,000 and he just received a special permit and site plan approval from the Planning Board this week to build facilities for a yacht brokerage at the site -- essentially, a garage and an office.

Bunk, who owns Bunky's Marina over on Liberty Street, says he's sensitive to neighbors' concerns for the Water Street property.

"That's a very sensitive site," he said. "That explosion hurt the whole community."

"They're [neighbors] not going to ever find a better neighbor," Bunk said, adding his yacht brokerage would be "clean" and relatively "quiet."

Bunk has gone before the Zoning Board of Appeals and the Conservation Commission as well. The initial hearing with the Planning Board began in May, but was continued twice as Bunk and abutters worked out some last issues with the project.

Town Planner Kate Day said those issues were mainly over a stormwater management plan. Beyond that, she said, there were no other major issues Bunk had to address to the board's satisfaction.

The property is in the Waterfront Village District and used boat sales are only allowed by special permit.

Day said she understands Bunk wants to move quickly toward construction, anticipating his existing business will be directly affected while Liberty Street is reconstructed this fall.

Bunk said as much in an earlier interview with Danvers Patch. He said most of his boats launch from Popes Landing, which he didn't believe would be accessible while Liberty Street is closed for the upcoming road project.

He already holds permits to operate a yacht brokerage in town and he hoped to begin construction this summer.

"It will clean up the site. It is a mess, but it will be a diamond when I'm done with it," Bunk said.

Bunk said 25 neighbors attended the initial hearing with the ZBA to show their support for the project.

He anticipates storing 50-100 boats on the site and offering safety classes and other services in addition to brokering sales for private owners.

Bunk admits his business is struggling in the still sluggish economy and he's looking for ways to branch out. Bunky's Marina will continue in operation once the new business is established, he said, adding it's more of an extension of the marina.

He noted that as a result of the economic circumstances, many private owners can no longer afford their boats and are faced between choosing the yacht and more cost-effective items.

Following the 2006 explosion, the U.S. Environmental Protection Agency settled with CAI/Arnel on a $1.3 million fine, in addition to the net proceeds from sale of the property, to partly reimburse the EPA for the $2.7 million it spent on environmental cleanup at the site. Bunk said he had to negotiate with the EPA on the sale price.