Jonathan Culley

Sprague Operating Resources LLC has agreed to sell Cassidy Point Pier to McAllister Towing and Transportation Co.

“There will be a very public process about traffic and parking, and the onus will be on us to demonstrate to the regulators that we’ve created a viable plan,” Jonathan Culley, a real estate developer and founding partner in the Portland Hearts of Pine said at a Tuesday press conference.

The stadium, to be built on industrial waterfront land at Cassidy Point, is expected to seat 9,000 to 11,000 fans. Construction is slated to start in 2027, with an opening targeted for early 2029.

Penobscot General Contractors is clearing the 65,000-square-foot building at 165 Washington Ave. to make way for a 325-unit, seven-story apartment building to be developed by Redfern Properties.

With rising construction and financing costs, the ‘IZ fee’ has made many projects unaffordable for developers. A number of approved projects have been paused, due in large part to costs imposed by the ordinance.

The city of Portland has contracted with national planning firm CZB to review the Inclusionary Zoning Ordinance, which developers say has hindered the building of much-needed housing.

Approved by voter referendum in 2020, the rule requires all housing projects with 10 units or more to commit 25% of the units to lower- to middle-income households or pay an in-lieu fee of $182,830 per unit.

Recipients of this year's Annual Business Awards include Matcha Mood and Redfern Properties. They will be honored at an event in November.

Kevin Schohl, president of the Hearts of Pine, told Mainebiz that Dexter and Susan Paine have been fans and season ticket holders from Day One.

There are pluses and minuses to getting around Maine’s biggest city without an automobile.