Jim Brady, of CPB2, Has Applied for A Zoning Change that Would Comply with the City’s Intentions.

By Carol McCracken  (Post # 2,304)

The planning board will hold a public hearing on the application to rezone 58 Fore Street on Tuesday, February 24th at city hall at 7:00 pm.  The applicant CPB2 has asked to rezone the almost ten acres of waterfront property to B-6 in order to conform to the city’s original intent for the property.  The planning board could make a determination on request at this meeting or postpone it.  The matter then moves on to the City Council for its consideration.

This zone change would give the developer, managed by Jim Brady, more flexibility in the kinds of development that would be permitted – that includes housing – or a mixed use development. This development is likely to take between 10 – 15 years to be realized.  For that reason flexibility is needed as the market changes. To not rezone the property would severely limit the development options for the Brady group.

“As the proud owners and managers of this unique property, the most important thing we want to convey to our neighbors is that our vision for redevelopment of the Portland Company is entirely in keeping with both the content and spirit of the community’s vision as expressed in the city’s Eastern Waterfront Master Plan,” said Jim Brady in an email to mhn.com.

The CPB2 group purchased the property from Phin Sprague, Jr. almost two years ago for $10 M.

Public testimony will be taken at the February meeting at city hall.