A Required Scenic View from St. Lawrence Street
Construction of the Project is Expected to Begin Next Summer With Completion in Roughly ten (10) Years.
Jim Brady, managing partner of CPB2 LLC at This Morning’s Press Conference.
By Carol McCracken (Post # 2,722)
Jim Brady, manager of CPB2 LLC announced this morning that plans for the redevelopment of almost 10 acres of waterfront property were submitted to the City of Portland for its approval on Monday. The Master Plan describes the vision for the waterfront site and lays out planned development blocks, mixed uses and new road infrastructure for traffic plans inspired by Portland’s Eastern Waterfront Master Plan. At this time, detailed plans are not required, but the proposal complies with zoning changes from last year that encourage the development of mixed uses on the land.. The development is expected to cost around $250 M.
/As required view corridors on Kellogg, Waterville, St. Lawrence and Atlantic Streets will be preserved because the Eastern Waterfront Master Plan requires that. The potential loss of view was a source of controversy for Munjoy HIll neighbors who tried unsuccessfully to stop the development through a referendum last year. The plan calls for retail space, 638 residential spaces,(both rental and ownership) office space, a 132 room hotel and a world-class Marina with 220 slip spaces. Seven of the historically significant buildings on the property will be restored and be rehabed for future use. Another part of the vision is to create a public plaza using a new 50′ public access easement granted by the City. That will increase access from Fore Street to the waterfront; including Amethyst Park, a parking lot, which is slated to become a public park with an emphasis on a nautical use.
Brady expects that the Master Plan and the following Site Plan will be approved by the city by the end of the year. That would permit the groundbreaking to take place in the summer of 2017. “I expect to see some economic activity next summer,” said Chris Hall, executive director of the Portland Regional Chamber.
Brady said he has received inquiries about possible rental of retail space and hotel space, but it’s too early to make commitments. In the meantime, he is looking for temporary tenants to generate revenue. Currently, he has about twenty-four (24) tenants. One of those current tenants is the Maine Narrow Gauge Museum & Railroad, although it’s future is unclear at this time.
There will be numerous opportunities for community input. The first community meeting is is scheduled for Ocdtober 4th, although details are not yet available.