WESTBROOK – Kimco Capital Corp., a real estate investment firm with previous ties to the property, has purchased 65 acres between Stroudwater Street and the Westbrook Arterial for $1.2 million, at a foreclosure auction Wednesday.
The auction was held at Jensen, Baird, Gardner & Henry law firm in Portland, and lasted approximately five minutes.
Jason Snyder, the former owner of the property, put in a bid of $610,000 for the land, but lost to Kimco.
Snyder’s company, 500 Westbrook, had until March 20 to pay back $1.9 million in mortgage debt and interest to lender Kimco. When Snyder could not raise the money, the land eventually went to public auction.
In 2008, Snyder announced plans for Stroudwater Place on the land, a $300 million,1.65-million-square-foot, upscale retail and recreational development project. But Snyder’s largest backer, high-profile investor Arthur Emil of New York, died in 2010, halting the development.
Joe Perez of Kimco Realty Corp. will be dealing with the Stroudwater property moving forward.
“Hopefully, the property can be developed,” said Lawrence Clough, Kimco’s lawyer with Jensen, Baird, Gardner & Henry.
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