June 9, 2008
Portland says pier deal ready by August
After missing two key deadlines, Portland officials now say they have pinned down a redevelopment plan for the Maine State Pier by August.
Last December, after a long bidding process, the city council selected Portland-based The Olympia Cos. to redevelop the pier. Already some supporters of Ocean Properties, which also competed for the contract, are speculating the missed deadlines might mean the company is having a hard time finding tenants and financing in a difficult economy, the Portland Press Herald reported this weekend. The Olympia Cos. did not comment to the paper.
In March, a state legislative committee blocked the city from extending the pier lease from 30 years to 75 years or more, which Olympia said it needed at the time to find financing for the $100 million development, which is expected to include an office building, retail space, public park, $18 million in pier repairs and new cruise ship berth.
Last December, after a long bidding process, the city council selected Portland-based The Olympia Cos. to redevelop the pier. Already some supporters of Ocean Properties, which also competed for the contract, are speculating the missed deadlines might mean the company is having a hard time finding tenants and financing in a difficult economy, the Portland Press Herald reported this weekend. The Olympia Cos. did not comment to the paper.
In March, a state legislative committee blocked the city from extending the pier lease from 30 years to 75 years or more, which Olympia said it needed at the time to find financing for the $100 million development, which is expected to include an office building, retail space, public park, $18 million in pier repairs and new cruise ship berth.
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