Firm eyes land in Portland's Bayside
The buyer of a struggling student housing complex in Portland is looking to buy a nearby parcel of land for $2 million and build a mixed-use development.
National real estate investment firm The Federated Cos. has proposed buying 3.25 acres of city-owned land on Somerset and Elm streets and building a mixed retail, office and residential development with a parking garage, according to the Portland Press Herald. The Federated Cos., located in Boston and Miami, earlier this year bought Bayside Village, which had been placed under receivership for the previous owner's unpaid mortgage bills. Last night, the city's community development committee approved the purchase agreement and sent it to the city council for review, according to news channel WMTW-8. The purchase agreement includes penalties if the company does not proceed with the development in a timely fashion, and allows the city to buy the property back for the same price if construction does not begin within two years of site plan approval, according to the paper. The city council will take up the agreement next month.
The Bayside area is home to a number of establishments, including Trader Joe's, Whole Foods, Planet Fitness and bank and medical offices. The property eyed by The Federated Cos. has most recently been used to dump snow following removal from city streets.
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