December 18, 2007
| last updated November 30, 2011 8:29 pm
10-acre Portland waterfront land for sale
In the wake of a long-delayed decision on who will develop the Maine State Pier, another large parcel of land on Portland's waterfront is suddenly up for grabs.
Phineas Sprague Jr. is looking for a developer for his 10-acre Portland Co. complex, the largest parcel in Portland east of the Casco Bay Bridge. The land includes several deteriorating 19th century industrial buildings, a marina, the Maine Narrow Gauge Railroad Co. and museum, and 1,000 feet of shore land, according to the Portland Press Herald.
The Olympia Cos., the Portland firm developing the Maine State Pier, and its former competitor, Portsmouth-based Ocean Properties, both expressed interest in the parcel after Sprague announced he wants to sell, the paper reported. Sprague is working with a real estate consultant and the city to develop a plan for the parcel.
Sprague says he hopes to retain and expand the marina and ensure whoever buys the land preserves the historic brick buildings. He has not put a price on the property because any major development plans for the property would need city council zoning approval.