REAL ESTATE & DEVELOPMENT

Luxury condo development planned for India Street area

Another high-rise condominium development is planned in Portland’s rapidly growing India Street neighborhood. A seven-story apartment building with 37 units, street-level retail space and an underground parking garage is planned at 208 Fore St., on the corner with India Street. Details of the estimated $15 million development are included in an application filed with the city in June by Flagg Partners LLC of New York City. The proposed building would replace the two-story brick office building and parking lot currently on a parcel that is roughly one-third of an acre. It would include a mix of one-, two- and three-bedroom luxury apartments, two retail spaces fronting on Fore Street, a gym and lobby on the ground floor, and a subterranean garage with 31 parking spaces. Read the story.

Portland approves tax breaks for senior, affordable housing

The Portland City Council voted Monday night to approve tax breaks and consider funding awards for multiple senior and low-income housing projects, which could create more than 270 new apartments if all are built. Those units would be a significant addition in the midst of a housing shortage in Maine’s largest city. Some would be market rate, but the majority would be rented to people with lower incomes, an area of particular need in Portland. Simon Thompson, a representative from the Portland Community Chamber of Commerce, emphasized the need for new residential development when he spoke in support of the proposals. The developments are not yet guaranteed because they are contingent on receiving additional subsidies from MaineHousing through a competitive statewide process, but Mayor Ethan Strimling said the city’s financial support is a critical component. Read the story.

Developer seeks public bids for marina expansion project

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A Portland developer is soliciting public bids for a marina expansion tied to an ambitious redevelopment of Portland’s eastern waterfront. The marina expansion will more than double the number of boat slips at the current 58 Fore Street marina and make space for “mega yachts.” Expanding the marina is the first step in a 10-acre redevelopment of the former Portland Co. property by Portland Foreside Development Co., the development partnership’s current iteration. A master plan approved by the city in 2016 envisions a six-block community with upscale residences, shopping, restaurants and a hotel. Even though the marina is a private development, it will go through a public bidding process overseen by the state because the project will be partially paid for with a sizable federal grant. Read the story.

Longtime owner starts to sell properties in downtown Bath

Sagadahock Real Estate Association, which has owned vast portions of Bath’s downtown since the 19th century, is selling off its properties and making way for new owners. According to the assessor’s database, the company owned 15 properties in Bath, including whole blocks of the downtown as of April 1, 2016. In total, the properties were assessed at $8.9 million, with an estimated tax burden of $188,048. So far it has sold four of its properties. John G. Morse IV, whose family has run the company since the mid-20th century, said it was simply time to move on. Read the story.

MANUFACTURING

Verso Corp. will convert mill to only specialty paper lines

Verso Corp. announced new investments at its Androscoggin Mill in Jay on Wednesday, saying the move is part of the company’s strategy to reposition the mill to produce only specialty paper. Currently, the mill produces a mix of coated paper, uncoated paper and specialty paper. Coated paper is often used in marketing and catalogs, while uncoated paper is used in reading or writing applications. Specialty paper typically is used to produce labels and packaging. The investments announced Wednesday will include upgrades to the mill’s No. 4 paper machine, which produces release liner paper, a specialty paper that includes a release agent on one side and is used with stickers or adhesive bandages. Representatives for Verso did not respond to phone calls or emails for comment Wednesday, and the release did not say how much the new investments will cost or if jobs will be added. The mill employs about 400 people. Read the story.

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ENERGY

Law firm files suit on behalf of over 600 CMP customers

More than 600 Central Maine Power Co. customers who believe they have been overcharged on their electricity bills have sued the company and are seeking class-action status, according to a law firm representing them. Lipman & Katz, based in Augusta, filed the lawsuit Thursday in Cumberland County Superior Court. As of Tuesday, there were about 200 CMP customers signed onto the legal complaint and 400 more customers had joined by Thursday, according to the law firm. About 97,000 CMP customers saw their monthly bills increase by 50 percent or more in December, January or February over the same month a year earlier, according to information that the company provided to the state Public Utilities Commission in April. The law firms contend that another 200,000 customers have been overcharged by up to 50 percent. The suit seeks class-action status and damages for customers who have been overcharged. CMP said the proper venue for resolving the complaints is the Public Utilities Commission, not a court. Read the story.

TRANSPORTATION

Jetport lands grant to build new taxiway, expand apron

The Portland International Jetport will get almost $4 million from the federal government to build a new taxiway and expand an airplane parking apron. The $3.9 million Airport Improvement Program grant was announced Wednesday by the Federal Aviation Administration. The funding will help pay for the final phase of ongoing construction to change the main terminal apron from asphalt to concrete, Airport Director Paul Bradbury said in an email. A concrete apron will handle airplane parking at Gate 1 and part of Gate 2 and allow the jetport to handle larger aircraft, which is important to meeting the needs of the airport’s current fleet, Bradbury said. Read the story.

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COMMERCIAL FISHERIES

Special license plate profits help fund lobster research

The Maine Department of Marine Resources is using $340,000 from the sale of specialty license plates to bankroll lobster research. The state agency is using lobster license plate profits to fund six research projects, including five run by the University of Maine and one by the Gulf of Maine Research Institute, and give $5,000 mini-grants to four other researchers. Project data will be shared through a research collaborative created to address the impact of a changing ocean environment on Maine’s lobster industry. The agency in charge of regulating the state’s $1.5 billion industry is trying to up its own scientific efforts with these grants, which will be shared and shaped by a research collaborative made up of state officials, scientists and industry leaders. Read the story.

HOSPITALITY

South Portland faces challenge to short-term rental rules again

A South Portland resident took out a petition Friday morning calling for the City Council to repeal or send to referendum controversial short-term rental ordinances that were approved on Tuesday. It’s the second time that Michael Frabotta of Preble Street has set out to challenge the council’s efforts to regulate the popular room and home rentals advertised on websites such as Airbnb and HomeAway. Frabotta has until 4:30 p.m. Aug. 6 to collect signatures from 1,000 registered city voters, an amount that represents 5 percent of voters who cast ballots in the last general municipal election, said City Clerk Emily Scully. In March, Frabotta and fellow petitioners collected about 1,484 signatures in a similar effort. Scully certified 1,289 signatures, leading councilors to repeal an initial set of short-term rental regulations that they had approved by a 6-1 vote in February. Read the story.

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GENERAL BUSINESS

Maine’s jobless rate extends historic streak to 31 months

June’s preliminary unemployment rate of 2.9 percent was little changed from May’s rate of 2.8 percent. The figure extends a historic streak of unemployment rates of below 4 percent to 31 months, the longest on record. The Maine Department of Labor said in a release that June’s rate was well below the 3.5 percent rate of a year ago. Nationally, the June unemployment rate was 4.0 percent, up from May’s 3.8 percent and down slightly from 4.3 percent of a year ago. Read the story.

 


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