September 16, 2014

Portland waterfront property up for sale

Developers are planning to sell a 1.3-acre waterfront property in Portland that connects the Old Port with another waterfront parcel that has major redevelopment plans.

The Portland Press Herald reported that Boston-based Intercontinental Real Estate Corp. is selling the vacant lot, located across from the Ocean Gateway marine terminal, along with the adjacent Ocean Gateway parking garage. Frank O'Connor at NAI The Dunham Group and Jones Lang LaSalle of Boston will list the property later this week.

The city is currently working with the India Street Neighborhood Association on proposed zoning rules that would discourage the building of a "monolith, block-filing building" and instead encourage the development of a space that provides pedestrian access and would be compatible with smaller buildings in the surrounding area.

The property is adjacent to a 10-acre waterfront property that developer CPB2 plans to transform into a mixed-use lot that would encourages commercial and residential development and would also seek to emulate the feel of the Old Port.

The 1.3-acre lot and parking garage, which will be sold together in a package deal, does not have a listing price, O'Connor told the newspaper. The city's assessed value of the parking garage is $9.6 million and its assessed value of the lot is $1 million.


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