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August 19, 2008

Pier project takes step ahead

By The Mainebiz News Staff

The Portland City Council at its Monday meeting approved a preliminary contract with The Olympia Cos. to move ahead with the redevelopment of the Maine State Pier, but some naysayers asked whether the city was too generous with the developer.

The councilors voted 7-1 to approve the agreement, which will lead within three months to a legal contract that lays out a timeline for the project. If all goes as planned, ground will be broken in 2011 on the $100 million project to build a hotel, office, retail shops and park on the old pier. Councilors on Monday also voted unanimously to separate the megaberth construction from the pier project to possibly look for another developer.

Critics questioned the agreement's proposal to waive rent for 20 of the 75 years of the lease, allowing Olympia time to pay off an $18 million bond used to rehabilitate the pier. Councilor Dan Skolnik called it "a sweetheart deal." But other councilors defended the payment agreement, saying the city was removing itself from responsibility for paying for the pier's repair.

 

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