Sunday, May 19, 2013
PORTLAND — An $18 million development in the Old Port will likely be delayed until next year, according to the developer.
An artist's rendering of the development planned for the former Jordan Meats site in the Old Port.
New Hampshire-based Opechee Construction was expected to break ground this fall on a project at 203 Fore St.
The project will include up to nine first-floor retail units, totaling 22,000 square feet, facing Middle and Fore Streets; 18 two- and three-bedroom condominiums on India Street; and nearly 640,000 square feet of office space. A two-level parking garage for 115 vehicles is planned for the interior of the development.
Company President Mark Woglom said he originally expected the development to be under construction by now. But a large commercial tenant pulled out, he said.
“It’s often difficult to coordinate commercial users with residential users,” Woglom said. “It doesn’t surprise us it has taken some time to find that user. We thought we had one and that didn’t happen.”
Woglom declined to name the tenant, or say why they pulled out of the project, the start of which will likely be pushed into the next year.
“In order to have a smart commercial development we need to have a certain amount of pre-leasing that makes us comfortable,” he said. “I doubt it will go forward this fall.”
The project, which received a $650,000 tax break to help pay for utility work, will complete the redevelopment of the former Jordan’s Meats site.
Last year, Opechee completed construction on a 122-room Hampton Inn hotel, along with 12 residential condominiums and first-floor retail space, now occupied by Sebago Brewing Co.