Failed K'bunkport project leads to auction
An 87-acre parcel in Kennebunkport once planned to be the town's largest housing subdivision will now be put on the auction block with a $2.5 million minimum bid.
Development group CDMK LLC bought the property, one of the last large undeveloped parcels in the popular tourist destination, for more than $3.5 million in 2006 and, after some opposition from residents, received permits last year to build 80 condominiums, according to the Portland Press Herald. A spokesman for the developer told the paper it has decided to abandon the Olde Port Village project for unspecified reasons. New Hampshire-based Paul McInnis Inc. is handling the Nov. 10 auction, and Chris McInnis told the paper he "[doesn't] have any doubt" the auction will attract a buyer, given its proximity to the town's historic residential areas and downtown.
But Heidi Maynard, an owner of southern Maine real estate firm Pack Maynard & Associates, told the paper the slow housing market, the project's proximity to neighbors who opposed the previous development and its layout, which would require extensive road and infrastructure investment, could make it too risky for many buyers.
Go to the article from the Portland Press Herald >>
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