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December 23, 2016

Master plan for Portland Co. site gets city's OK

Courtesy of CPB2 LLC
Courtesy of CPB2 LLC
A rendering of CPB2's $250 million development at 58 Fore St. in Portland.

CPB2's $250 million plan for the former Portland Co. complex on Portland's eastern waterfront achieved a significant milestone this week when the city's planning board unanimously approved the company's master plan for its 58 Fore St. project.

As unveiled in September, CPB2's plan involves a more than one-million-square-foot development that 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. A 13-acre marina for transient and seasonal boaters also is envisioned.

The Portland Press Herald reported that although much of Tuesday's testimony focused on the height of some proposed buildings, the board ended up supporting CPB2's proposal as meeting the city's height requirements.

James Brady, a principal with the CPB2 development team, said the 58 Fore St. project would require two to three phases to complete, the newspaper reported.

CPB2, which includes Casey Prentice and Kevin Costello, bought the 10-acre site for $14.1 million in 2013 from Phineas Sprague Jr., according to the newspaper.

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