A Portland developer intends to buy the Portland Press Herald’s downtown property.
John Cacoulidis has 30 days to complete the purchase of the newspaper’s buildings on Congress Street from an affiliate of new owner MaineToday Media Inc., according to the Portland Press Herald. The property includes an office building, the former printing press building and a nearby parking garage.
Cacoulidis told the paper he plans to build a 30-story tower at the printing press site and convert the main Press Herald building into offices and perhaps apartments. Once the sale is complete, some employees will move to the newspaper’s South Portland printing plant and lease in-town office space for others. Richard Connor, CEO of MaineToday Media, said the sale will reduce debt and help put the company on a strong financial footing.
