MassDevelopment issues a $15 million tax-exempt bond on behalf of Old Dartmouth Historical Society

New Bedford, MA MassDevelopment issued a $15 million tax-exempt bond on behalf of Old Dartmouth Historical Society to expand the New Bedford Whaling Museum with a new two-story welcome center and exhibition space. The project, which is run by the Old Dartmouth Historical Society, will include a new 20,500 s/f building adjacent to the existing property at 18 Johnny Cake Hill. Once complete, it will feature a 6,000 s/f gallery level that will allow the museum to partner with major institutions to bring more artistic, scientific, and historic artifacts and exhibits to the Whaling City. Construction began in January and is expected to be completed in spring 2027. The tax-exempt bond, purchased by M&T Bank, helped Old Dartmouth Historical Society achieve a lower cost of capital. In addition to the tax-exempt bond, M&T Bank also provided a $5 million commercial loan to support this project.

MassDevelopment previously supported the New Bedford Whaling Museum with about $2 million in grants through the Cultural Facilities Fund, which the agency co-administers with Mass Cultural Council, for a variety of projects including a $200,000 award in Fiscal Year 2024 to support architectural design and engineering for this expansion.

Founded as part of the Old Dartmouth Historical Society in 1903, the New Bedford Whaling Museum documents and shares the diverse stories of this vibrant maritime region and its people, both bygone and current. Motivated by civic pride and a desire to preserve the artifacts and narratives of the region, the museum was established by a deeply engaged group of citizens to create and foster an interest in the history of the area.

 A keeper of the region’s collective memory, the museum preserves a communal story of the many who settled in the “city that lit the world” and of those who keep the light shining brightly today.

“Massachusetts’ museums and cultural institutions are powerful drivers of tourism, economic activity, and community identity,” said Economic Development Secretary Eric Paley, chair of MassDevelopment’s board of directors. “This expansion will help the New Bedford Whaling Museum welcome more visitors, share the South Coast’s extraordinary maritime history with the world, and strengthen downtown New Bedford as a destination for residents and travelers alike.”

“We appreciate the efforts of the Healey-Driscoll Administration and MassDevelopment to support the New Bedford Whaling Museum,” said New Bedford Mayor Jon Mitchell. “The museum is one of the City’s most distinctive and popular cultural attractions, and the favorable financing terms will enable the museum to sustain all it has to offer.”

“For more than a century, the New Bedford Whaling Museum has honored and uplifted the rich maritime history of our south coast,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is pleased to provide tax-exempt financing, in partnership with M&T Bank, which will enable this iconic museum to expand its legacy through a new welcome center and exhibition space.”

“We are proud to partner with the Old Dartmouth Historical Society and MassDevelopment on a $15M tax-exempt bond to finance the construction of this expansion of the New Bedford Whaling Museum,” said Emily Greenstein, Senior Vice President at M&T Bank. “The Welcome and Exhibition Center will be the central hub for the New Bedford Whaling Museum, offering visitors state-of-the-art exhibitions as well as a place to refuel and reflect with a neighborhood cafe. The construction of the new center will enhance and personalize the experience for residents and travelers alike while driving economic development on the South Coast of Massachusetts, a vital step to advancing growth for the City of New Bedford.”

“Every year, thousands of visitors walk through our doors to explore art, history, science, and culture,” says New Bedford Whaling Museum President and CEO Amanda McMullen. “With this expansion, the Museum will engage our guests in dynamic learning and drive cultural tourism to our region with over 100,000 visitors from every single state and more than three dozen countries. This expansion will propel us in delivering more than $10M in annual economic impact to our neighbors and the Southcoast.”