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Old Island Harbor Assists in Restoration of Historic Schooner

KEY WEST, Fla.-(Business Wire)-June 18, 2008 - The boatyard at Old Island Harbor, part of a proposed mixed-use redevelopment project emphasizing waterfront revitalization at Safe Harbor, recently provided working dock space to one of the world's only surviving cable ships - the Schooner Western Union - while its crew finalized the restoration process to bring the vessel up to Coast Guard safety specifications. Known as the last tall ship built in Key West and the oldest working wooden schooner in the United States, the 130-foot vessel received improvements to its stays, chain plates, planks and rigging. The work was completed in three weeks and cost approximately $25,000.

The legendary schooner, which was once used by the Western Union Telegraph Company as a cable-repair ship, is now a maritime museum and part of the National Register of Historic Places. Built in 1939, the vessel can accommodate 79 passengers and a crew of 7. The tall ship will be available for museum tours, charitable events, education outreach and sailing expeditions around Key West.

"In keeping with the Key's longstanding tradition of maritime industry, it is only fitting this Schooner is brought into compliance with safety specifications at its birthplace and with the help of a local boatyard," said Alan Dubroff, Old Island Harbor boatyard manager. "Old Island Harbor is proud to have such a significant and historic vessel in its boatyard."

"As one of only two working boatyards in the Lower Keys, we understand the need to maintain Stock Island's heritage and establish Safe Harbor as the port of preference among commercial fishermen, local residents, sports fishermen and global yachting captains," said David Horan, spokesperson for the Old Island Harbor development. "Our goals for the Old Island Harbor project are to revitalize the area, preserve the working waterfront and boatyard, provide public access and make it a significant economic engine for Monroe County and the Lower Keys."

About Old Island Harbor

Old Island Harbor is a proposed mixed-use development that emphasizes waterfront revitalization at Safe Harbor, Stock Island, replacing old derelict buildings, a junk yard and abandoned structures on Shrimp Road. The project will improve the quality of life of local fishermen, tradesmen, artisans and residents of the Lower Keys. As proposed, Old Harbor Island will:

— Preserve Safe Harbor's working waterfront assuring continued strength of the Keys' commercial fishing industry

— Provide public lodging for the seaport at Safe Harbor, which will also serve as a recovery staging center built to withstand a Category 5 hurricane. The center, provided at no cost to the public, would be made available to emergency personnel and other critical service providers during major storms

— Preserve commercial and recreational boating by expanding the working waterfront, boatyard facilities, and the port at Safe Harbor

— Provide waterside access including a wide, public boardwalk, public lodging, and restaurants directly on the waterfront

— Increase tax revenue with a goal to revitalize Stock Island and make Old Island Harbor a significant economic engine, adding approximately $2 to $3 million in new and additional annual tax revenue to Monroe County

— Provide affordable housing for local workers

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