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May 19, 2008

Local development co. to buy Public Market

Atlantic National Holdings, a subsidiary of a Cape Elizabeth-based company that has built three office buildings in Portland's Bayside neighborhood, will buy the vacant building that once housed the Portland Public Market for $1.9 million.

The company is purchasing the property from Guggenheim Real Estate LLC, a private real estate investment firm with offices in New York and Boston that bought the building from the Libra Foundation in 2006. Libra built the market 10 years ago for roughly $6 million, but the project failed. Guggenheim listed the building for $4 million in 2006.

Atlantic National Holdings, an arm of Atlantic Redevelopment Co. led by Theodore West of Cape Elizabeth, did not specify its plans in a statement released to the Portland Press Herald. The building has been empty for nearly two years, but city officials say new life in the building will help the ongoing revitalization efforts in Bayside.

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