The public is invited to attend an Economic Development Committee meeting on Tuesday, August 1, 2017 at 5:30 pm in Room 24 (basement) of city hall at which time the City will unveil it’s selection for the city-owned Thames Street property located across from the Ocean Gateway according to a press release issued by city spokeswoman Jessica Grondin late this afternoon. Public comment will be taken at the meeting.
O Hancock Street. LLC., led by Jonathan Cohen, manager, in partnership with WEX, Inc., has been selected by the EDC to develop the property. It’s a growing payment processing company. The decision by the EDC will have to be approved by the city council at a later date.
The City issued an RFP for the property in April and received two proposals on May 3, 2017. Since that time, city staff has been negotiating with the development team under the direction of the EDC and have executed a purchase and sale agreement for $3.3 M.
0 Hancock Street LLC is expected to submit their final recommendation to the city council. The city council will then take up this matter on August 21st.
“We are looking forward to hearing from the public regarding the city’s selected development proposal and our purchase and sale agreement. This is truly an exciting opportunity to attract the world headquarters of a major based international business that will being almost 500 new high quality jobs to Portland’s eastern waterfront,” said Committee Chair David Brennerman.
The purchase proposal includes a construction of a mixed-use development adt the corner of Hancock and Thames Street that will serve as WEX’s world corporate headquarters bringing with it 450 jobs. It includes a 100,000 sq. ft. 4-story building with a portion of the first floor and all upper floors designated as office space for WEX and 10,000 sq. ft. of the first floor retail space. Additdionally, between 450-550 new surface and structured parking spaces, located within 750 feet of the Thames Street site, will be constructed to accommodate WEX needs and increases public parking needs in Portland’s east end.
In 2009, the city council directed city staff to market the Thames Street lot for sale to further realize the Eastern Waterfront Master Plan.
WEX headquarters are currently located in South Portland. The company will continue to maintain a presence there, there.