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Business and Economy

Plans to Redevelop 10 Acres of Portland Waterfront Unveiled

PORTLAND, Maine - The company that's developing the former Portland Company site at Fore Street in Portland today unveiled its plan for the $250 million mixed-use site.

The redevelopment of the 960,000-square-foot parcel is one of the biggest projects ever proposed in Portland, and the subject of a long permitting process.

Portland's Planning and Urban Development Director Jeff Levine says that process is far from over. He says the site plan still needs to be approved, and developers will, at minimum, have to go through meetings with the Planning Board and Historic Preservation Board.

"They also will have at least one neighborhood meeting, to work with the neighborhood directly as part of this process," Levine says. "So I think you'll see a few months of interaction with the developer in conversation about their plan."

Jim Brady is with the project's developer, CPB2. He says he's hoping that process is almost complete. "If all goes well, and of course driven by market forces, we hope to have the first phase of development on the project started by 2017."

The plan includes housing, stores, offices, restaurants, hotel rooms and a marina.  The company says it hopes to begin construction next year.