Thursday, April 24, 2014
By Randy Billings email@example.com
(Continued from page 1)
Drafts of a real estate brochure show conceptual designs of a six-story building at Hancock and Middle, and five-story building at India and Fore.
Forsley said his property is now held by a newly formed company, East India Land Co. LLC.
Forsley said he expects to begin advertising the parcels in the next few weeks as being suitable for a small office building or residential condominiums, with first floor retail.
Nasser, meanwhile, said Intercontinental is now the sole owner of the parking garage and the 1.6 acre lot on Thames Street.
City zoning would allow a 65-foot-tall building at that location.
Attorney Paul Driscoll, who represented Intercontinental, said the company also retained an ownership interest, along with Gorham Savings Bank, in the old Grand Trunk building at the corner of India and Thames streets.
Driscoll said there were other terms of the settlement that he could not disclose.
"There are a lot of terms to that agreement," Driscoll said. "It was a long and involved process."
When the project was first pitched, the city agreed to sell the developers an acre of land at the extensions of Commercial and Hancock streets in 2005. It also gave the developers an estimated $5 million property tax break over 13 years.
City Economic Development Director Greg Mitchell said that tax agreement was given to a single corporate entity based on a specific development plan. Any attempts to modify that agreement would have to be reviewed and approved by the City Council, he said.
Mitchell said he is pleased an agreement had been reached clarifying ownership, which should clear the way for development on some well-positioned land near the waterfront.
"I have had some discussions regarding development interest in this property," Mitchell said.
Staff Writer Randy Billings can be contacted at 791-6346 or at: