Developer unveils $250M Portland waterfront redevelopment plan
Rendering / CPB2 LLC
A rendering of the 58 Fore St. waterfront development in Portland. On Wednesday, CPB2 unveiled a $250 redevelopment plan for the site.
Rendering / CPB2 LLC
A waterfront rendering of the site.
Rendering / CPB2 LLC
A waterfront rendering of the site.
At a Wednesday event, Portland-based CPB2 LLC unveiled its $250 million plan for the former Portland Co. complex at 58 Fore St., transforming the city's eastern waterfront.
The master plan for the more than 1 million square foot development includes 638 residential units for sale and for rent, 132 hotel rooms, 59,873 square feet of retail space and 123,917 square feet of office space.
Plans for a 13-acre marina for transient and seasonal boaters are also in the works.
This plan is based on, and in compliance with, the zoning change approved by Portland’s City Council last year that encourages a mix of retail, residential and office space.
The ambitious redevelopment project also falls into Portland’s inclusionary zoning ordinance that requires 10% of new residential units in a development that contains 10 or more units be affordable to middle-income workers.
The next step in the Master Development Plan process includes a neighborhood meeting slated for Oct. 4. Planning Board and Historic Preservation Board workshops are also scheduled for October.
Jim Brady, co-manager for CPB2, told Mainebiz on Wednesday, that a Planning Board public hearing is scheduled to happen before the end of 2016.
The company says it anticipates that the Master Development Plan and traffic movement permit will gain approvals before the end of 2016. Before construction begins on any new buildings, the developer will also need to seek site plan approval for the first phase of the project.
“A project of this scale will need to be developed in phases,” Brady said. “Our anticipation is to have a first phase of the project ready for construction to begin in 2017.”
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