Portland sells land to Thompson’s Point developers
Developers of the $105 million Thompson’s Point project in Portland received city approval Monday to buy three acres of city-owned land, paving the way for a deal developers have crafted to relocate an existing tenant.
The Bangor Daily News reported the city agreed to sell three acres of city property on Riverside Street to the Thompson’s Point Development Co., for $285,000. In September, developers reached a deal to relocate Suburban Propane from its 2.5-acre location at Thompson’s Point to the three-acre parcel on Riverside Street. That move would allow developers to put an events center across from the station for the Amtrak Downeaster, which they said would allow easier travel to and from the building.
The paper reported that the city also opened discussion on revising a tax increment financing agreement at the property to include the property of Suburban Propane that the developers will incorporate into the project.
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