Last night the Planning Board approved an application by the Portland Norwich Group, LLC. to convert its property at 158 Fore Street into four lots. Ara Aftandilian, d/b/a Norwich, told the planning board that this move was primarily for financing purposes at this time. The property is also known as the Portland Gateway Project.
The application was to divide Lot 2 into three lots which at some point are expected to be developed into mixed-use parcels. That includes office, retail and residential uses. Specifically, it is anticipated that Lot 2 will be dedicated to office space over ground floor retail space, Lot 3 dedicated to residential condominiums over ground floor retail and Lot 4 dedicated to residential apartments over ground floor retail according to the application. This information is subject to change. A long-term parking agreement between each lot and the Ocean Gateway Parking Garage is anticipated by the developer.
These lots are located in the India Street Form Based Code District. That means that should any of the living space constructed herein is under 50,000 sq. ft., the plan will be reviewed by the planning staff only and review by the planning board is not required. However, it has been stipulated that no more hotels will be built on this location.
The AC Hotel currently under construction is an exclusive, high end Hotel.