Email Newsletters

đź”’Portland’s waterfront gets renewed interest

From east to west and everything in between, Portland’s waterfront is changing.Last summer, Phineas Sprague sold the 10-acre Portland Co. complex on the city’s eastern waterfront to the CPB2 LLC development group, an area of the city’s waterfront long identified as well suited for a mix of offices, restaurants and retail businesses that could blend […]

Already a Subscriber? Log in

Get Instant Access to This Article

Subscribe to Mainebiz and get immediate access to all of our subscriber-only content and much more.

<b>1. </b>Thompson's Point

Status: proposed

Completion date: Multi-phase project, six-10 years

Developer: Thompson Point Development Co. Inc.

Size: 30 acres

Usage: Sports arena to house the city’s professional basketball team, the Maine Red Claws, as well as the Circus Conservatory of America, a sports medicine lab, offices, restaurants and a hotel

Development cost: $105 million

<b>2.</b> 40 West Commercial St.

Status: purchased

Purchase date: summer 2013

Buyer: Phineas Sprague

Size: 23 acres

Usage: Relocated boatyard from the Portland Co. complex. Negotiations between several parties are under way to extend the Pan-Am rail line across the property to provide direct rail access to Eimskip

<b>3.</b> International Marine Terminal

Status: upgraded

Completion date: 2011

Current use: headquarters to Icelandic shipping company Eimskip

Development cost: $5 million

<b>4.</b> Central Waterfront Zone

Current use: home to Portland Fish Pier, 14 private piers, Gulf of Maine Research Institute, the majority of the city’s commercial fishing fleet and many marine and non-marine businesses

<b>5.</b> Ocean Gateway International Marine Passenger Terminal

Completion date: 2011

Current use: cruise ship docking

Development cost: $20.5 million

<b>6. </b>Maine State Pier

Current use: Casco Bay Lines Ferry Terminal

<b>7.</b> Portland Co. Complex

Status: sold

Sell date: summer 2013

Seller: Phineas Sprague

Buyer: CPB2 LLC (includes Jim Brady, Dick Prentice and Casey Prentice)

Size: 10 acres, 1,000 feet of water frontage

Usage: offices, restaurants, retail

Property value: $1.9 million

Eimskip's impact on Portland's waterfront

John Henshaw, executive director of the Maine Port Authority, says the increased trade opportunities resulting from Eimskip’s decision to relocate its North American headquarters to Portland are a direct outgrowth of the $5 million upgrade at the International Marine Terminal paid for with federal transportation funds in 2011. Those improvements expanded the pier by 5,000 square feet and doubled its weight capacity.

“The city and state mutually agreed that the port authority was in the best position to market and operate the facility,” Henshaw says of the lease agreement, reached in June 2009. “Eimskip specifically acknowledged the upgrades to the facility as one of the reasons they would come to Portland.”

Henshaw says Eimskip offers an entirely different type of service from predecessors such as the startup shipping company American Feeder Lines that in 2012 closed its weekly service connecting Boston, Portland and Halifax, Nova Scotia, after only nine months of operation.

“Eimskip is providing direct liner service to eastern Canada, Scandinavia and northern Europe as opposed to the ‘feeder’ services offered by its predecessor,” he says. “Feeder services carry containers to larger ports, in these cases to Halifax and New York, to be trans-shipped onto other carriers. Eimskip offers direct access to existing and entirely new markets for Maine companies. Additionally, Eimskip brought its own existing freight to the service. Portland provides them a gateway to and from the American market.”

Describing Eimskip as the “premier carrier of refrigerated cargo in the North Atlantic,” Henshaw says the Icelandic shipping company provides a natural partnership for Portland’s fish processors. “Many importers of seafood in the Northeast depend on the service,” he says.

Although it’s been mentioned as a possibility that would further enhance Eimskip’s capabilities at the International Marine Terminal, Henshaw says there are no plans currently for construction of a cold storage facility at the site.

– Digital Partners -