August 6, 2013

Sale could spur major redevelopment on Portland waterfront

With Portland Company complex changing hands, how the prime site is redeveloped is drawing heavy interest.

By Kelley Bouchard kbouchard@pressherald.com
Staff Writer

PORTLAND — Redevelopment of the Portland Company Marine Complex is likely years away, but city officials, neighbors and others are already weighing the potential of the prime waterfront property, including opportunities for business, housing and historic preservation.

click image to enlarge

The Portland Co. Complex is seen in this aerial photograph dated February 6, 2013.

Gabe Souza / Staff Photographer

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The Portland Company complex sprawls along Fore Street as seen from the Ocean Gateway Garage. The property has been sold.

2012 Press Herald File Photo / Gabe Souza

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PDF: Portland's eastern waterfront master plan

CPB2, a Yarmouth-based development company, bought the 10-acre property on Fore Street last week from its longtime owner, Phineas Sprague Jr., triggering a series of land deals that could transform Portland's waterfront over the next several years.

CPB2 principals Jim Brady and Casey Prentice said they have no immediate plans for the sprawling industrial complex, which dates to the mid-1800s, but intend to redevelop it according to the city's Eastern Waterfront Master Plan.

City Councilor Cheryl Leeman was mayor when she appointed the committee that developed the plan more than a decade ago. The plan has been updated twice since then, most recently in 2006.

"It took a 32-member committee and lots of controversy to develop that plan, so it's nice to see this happening with the Portland Company property," Leeman said Monday. "It provides momentum for future development. It's the final piece of the puzzle."

CPB2 includes Brady, a Yarmouth resident who is redeveloping the former headquarters of the Portland Press Herald; the Prentice Organization of Yarmouth, a real estate holding company led by Prentice, who owns and manages the Chebeague Island Inn; and his father, Dick Prentice, a partner in the Portland law firm Pierce Atwood.

There are two minority partners, including a Boston-area investor, Brady said.

The Portland Company complex, with 1,000 feet of deep-water ocean frontage, is at the base of Munjoy Hill on the eastern waterfront. It now houses several businesses and nonprofits, including Portland Yacht Services, the Maine Island Trail Association and the Maine Narrow Gauge Railroad and Museum.

Sprague, who sold the complex, plans to develop a boatyard up the Fore River on land on West Commercial Street that he bought last week from Pan Am Railways.

Sprague said he will remain the "master tenant" at the complex, which will continue to host boat and flower shows each year for at least the next couple of years. The new owners plan to upgrade the 128-slip marina at the complex, but Sprague will continue to run it.

The nonprofit that operates the railroad and museum has been planning to move, but Sprague said he hopes it will decide to stay.

Brady and Casey Prentice said they met recently with city officials to learn how zoning ordinances apply to the waterfront complex and express their willingness to collaborate with the city. They would not reveal the price of the property and said it is too early to discuss plans.

"We would envision mixed-use development in keeping with the city's master plan for the eastern waterfront," Brady said. "We do think there are some unique historical and architectural attributes of the property that may be preserved."

The Portland Company was founded in 1845 primarily to build steam locomotives for the new Atlantic & St. Lawrence Railroad, which had a terminal nearby. It operated until 1982, producing locomotives and railroad cars, marine engines, ships, elevators, paper and textile mill equipment and other cast-metal items.

The master plan describes the complex as an early manufacturing center with "several large brick-and-granite buildings of architectural significance," and notes that the Maine Historic Preservation Commission identified the property in 1976 as eligible for the National Register of Historic Places.

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