Portland pier project canned
The Maine State Pier project could be canned after a Portland city council committee last night voted to terminate negotiations with the developer.
The Portland Community Development Committee voted unanimously to end negotiations with The Olympia Cos. of Portland because of an impasse over who owns the sea floor under the pier, according to the Portland Press Herald. The state has challenged the city's claim that it owns the land, and asserted that under state ownership a lease allowing that property to be developed must be renewed every 30 years. The Olympia Cos. has said that it is unable to obtain financing unless it can guarantee a 75-year lease.
While Portland wrestles with the state over who owns the land, it had asked The Olympia Cos. to move forward with the more than $500,000 in due diligence needed for the project, including traffic studies, permitting, and structural assessment. But the company said it would not move forward until the ownership disagreement is settled, the paper said. A press conference on the matter was scheduled in Portland this morning.
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