Bangor nears hotel deal with Ocean Properties
The city of Bangor is nearing the sale of a 3.13-acre lot to Ocean Properties, which seeks to develop a 130-room hotel adjacent to the new Cross Insurance Center.
The Bangor Daily News reported the Bangor City Council is expected to vote tonight on a development agreement for Ocean Properties, which would pave the way for the purchase of the city-owned land for $565,000.
In a press release, the city's economic development department reported the roughly 120,000-square-foot hotel would have an initial investment of at least $18 million by Ocean Properties.
A subsidiary of that company, which owns over 100 resort properties in North America, previously reached a sale agreement with Bangor Publishing Co. for the downtown headquarters of the Bangor Daily News, but that deal fell through a week later.
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