Lagasse, Karp and a Hotel on the Waterfront

In Provincetown.

The worst kept secret is revealed. The Karp is out of the bag.

The Provincetown Banner quotes Chuck Lagasse as saying Steve Karp is definitely part of bid to buy Provincetown's Fisherman's Wharf, and they might just build a hotel on top of it.

A decision on whether to purchase Fisherman’s Wharf should be made around the end of this year, and Lagasse said he plans on traveling to Provincetown this month to continue his due diligence. In addition to Lagasse, his wife Ann and Boston-based developer Steven Karp are also partners in the potential Fisherman’s Wharf purchase, he said.

Karp is a real estate billionaire who, among other projects, has been instrumental in the high-end redevelopment of Nantucket. Karp and the Lagasses are partners in a major redevelopment project on Newburyport’s waterfront, which includes multiple marinas. As part of that project, Lagasse said earlier that one of the first priorities would be to find a hotel partner to agree to come to that city.

“He [Karp] is a very knowledgeable and sensitive guy to be involved. I’m proud of our team and proud of our track record,” Lagasse said.

So there you go.

Karp or No Karp

That is the question.

I was surprised to read the headline announcing the the Lagasses and Karp are teaming up to buy Provincetown's Fisherman's Wharf.

Obviously, his participation wouldn't be surprising. In fact, Karp has been rumored to be involved in the acquistion since the announcement was made. But until I read the Comment article they were just that unconfirmed rumors.

The article is sourced well. It quotes Chuck and Ann Lagasse extensively, although neither is quoted saying the Karp is involved.

Meanwhile, the chairman of Provincetown's Board of Selectmen is quoted as saying, “Lagasse and Karp have the means and the expertise. That’s good news.” Now, she's not quoted as saying Karp is directly involved, but that's the implication. She also might have said so in unquoted portions of the interview.

I emailed Ann Lagasse asking her if Karp is indeed involved in the deal. Her reply.

At the moment the Provincetown purchase is still being investigated and the ownership/partnership (if bought) is not defined yet. I think we have 120 days to do due diligence. Will New England Development be part of the deal?- they have expressed interest but again there is nothing firm.

So that's where we're at. Ask me to bet my house, and I'd wager it on New England Development being part of the deal. But the official word is Karp & Co. aren't part of the package--yet.

By the way, here's a little background on the piece of real estate the Lagasses and (perhaps Karp) are purchasing. Apparently, the pier is used to park up to 200 cars during the summer season. But read this article first.

I once contemplated writing a joke post suggesting that Newburyport settle the park vs. parking dispute by parking our cars on piers or floats. But somebody's already doing it.

Truth is stranger than crappy humor, I guess.

A Growing Empire?

The Daily News has a story today about Chuck and Ann Lagasse's purchase of Fisherman's Wharf in Provincetown, but they're a little too slow in getting the article up on their Web site so check out the news in the Provincetown Banner.

I'll update with the News link later on. I've got no real insights on this at this point other than I was surprised by the news.

Makes you wonder though if City officials from Provincetown, Nantucket and Newburyport ought to meet somewhere in the middle (maybe a cafe in the new Pinehills Village in Plymouth) to compare notes. It would appear they're all facing similar, albeit not identical, issues.