November 28, 2007
Developer pulls out of $60M Portland project
A potential $60 million redevelopment project in Portland's Bayside neighborhood has fallen through because of gloomy economic times, according to The Bollard, a Portland-based online news site.
Atlantic Redevelopment Co., headed by Cape Elizabeth resident Theodore West, has pulled out of negotiations with the city to buy a parcel of former railroad property in the Bayside neighborhood, where it planned to build a parking garage, several office buildings, retail space, and 60 or more condominiums or apartments, the news site said. City Planning and Development Director Lee Urban told The Bollard that an Atlantic spokesperson cited the recent "credit market meltdown" and gloomy economic forecasts for the near future in explaining the company's decision. The city in June said it would sell the land to Atlantic for $3 million.
West has been involved in a number of recent Bayside developments, including the Gorham Savings Bank building, the AAA building and a multistory building currently under construction on Marginal Way.
Atlantic Redevelopment Co., headed by Cape Elizabeth resident Theodore West, has pulled out of negotiations with the city to buy a parcel of former railroad property in the Bayside neighborhood, where it planned to build a parking garage, several office buildings, retail space, and 60 or more condominiums or apartments, the news site said. City Planning and Development Director Lee Urban told The Bollard that an Atlantic spokesperson cited the recent "credit market meltdown" and gloomy economic forecasts for the near future in explaining the company's decision. The city in June said it would sell the land to Atlantic for $3 million.
West has been involved in a number of recent Bayside developments, including the Gorham Savings Bank building, the AAA building and a multistory building currently under construction on Marginal Way.
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