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May 13, 2008

Hotel owner floats $6.5M island condo/hotel

The owner of Portland Harbor Hotel wants to turn Fort McKinley's old barracks on Casco Bay's Great Diamond Island into a 20-unit condominium hotel, as well as possibly redevelop the dilapidated fort hospital into an additional 12 units.

David Bateman of Bateman Partners LLC and his business partners plan to invest $6.5 million into redeveloping the two city-owned structures on the island, after paying $1 for them, according to the Portland Press Herald. In the 1980s, Bateman renovated other former fort buildings on the island into 77 homes, the paper said.

Individuals will buy units in a condo hotel ranging from around $350,000 to $520,000, but for the first five years the condo owners cannot stay there more than 14 days a year, allowing other guests to book the rooms, the paper said. All the amenities will be provided by Portland Harbor Hotel, and Bateman said the owners of the Harbor Hotel all plan to buy units, with a "handful" left over, the paper reported.

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