Five-year Portland Riverwalk dispute nears end
Two parties involved in a partially completed Portland waterfront project have decided to settle an ownership dispute that has simmered for five years.
The Portland Press Herald reported that the partners in the planned $100 million Riverwalk development — which includes a parking garage, luxury condominiums, an office building and retail space bordered by Commercial, Hancock and India streets — have agreed to settle the case, according to a Feb. 28 filing in Cumberland County Superior Court.
The project first received local approval in 2006, along with a 13-year, $5 million tax break, but only the six-story parking garage was built.
Following completion of that project, the paper reported, Shipyard Brewing Co. owner and Riverwalk partner Fred Forsley filed a lawsuit against project partner Drew Swenson and the Boston-based Intercontinental Real Estate Corp., which agreed to finance the $20 million garage in 2007.
The paper reported the details of a settlement were still unknown Friday and neither party would comment on the settlement being drafted.
Greg Mitchell, Portland's economic development director, told the paper that resolution to the dispute would open up the long-dormant waterfront parcel for development and could spur other projects in the city's East End neighborhood.
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