Portland: City turns to OP for pier project
Portland city councilors yesterday voted 7 to 2 to begin a new round of negotiations with Ocean Properties over the development of the Maine State Pier, according to the Portland Press Herald.
The Portsmouth-based company lost out to Portland-based The Olympia Cos. in the first round of negotiations over the pier development. But Ocean Properties reaffirmed its interest in the $160-million project after The Olympia Cos. pulled out of the project because of financial issues tied to a dispute between the state and city over who owns the land beneath the pier. (For more on the repercussions of the dispute over the land beneath the pier, read "Submerged" from the Dec. 15 issue of Mainebiz.)
Ocean Properties' plan includes a luxury hotel, office building, underground parking garage, public park, a fish and produce co-op and a cruise ship terminal.
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