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December 10, 2007

Riverwalk garage a go

A sprawling parking garage considered critical to the Ocean Gateway development on Portland's waterfront will be built as planned despite last week's reported hiatus, according to a Saturday press release from the project's managers.

Last week, construction on the 185,000-square-foot, six-story building was halted because of funding concerns. The 720-space Ocean Gateway Garage on the corner of Middle and Hancock streets in the city's Old Port is the first part of a $100 million development that would include luxury condominiums, apartments and retail space. The garage would provide parking for the Ocean Gateway Terminal, according to the Portland Press Herald.

Riverwalk LLC, the developer, and Intercontinental Real Estate Corporation, a Boston real estate investment and management company, announced that an agreement is in place to finance the Ocean Gateway Garage and construction "will continue as planned."

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