View Portland, Me. in a larger map
PORTLAND, Maine — Thompson’s Point has been sold, a major milestone in the redevelopment of the 25-acre waterfront parcel on the Fore River into a mixed-use project to include a hotel, office building and sports arena.
Forefront Partners, the development group with the redevelopment vision, closed on the property on July 1, according to Tony Donovan, the broker with Fishman Realty who represented the seller, Thompson’s Point Inc. The price was not disclosed.
Chris Thompson, president of Lewiston-based Parallax Partners Inc. and a principal in Forefront Partners, was not available for comment Monday.
The $105 million project, known as the Forefront at Thompson’s Point, will include an entertainment center, an office building and a hotel, Donovan said. Plans for a sports arena have been pushed back to a later phase.
The developers have a tenant lined up for the 175,000-square-foot office building, but that tenant is not being named, according to Donovan.
Development of Thompson’s Point is expected to begin this fall, he said.
Greg Mitchell, economic development director for the city, referred all questions about the redevelopment plans for Thompson’s Point to the developers.
Portland’s Planning Board approved the project in June 2012. In June 2011, the city approved a 31-year, $30 million tax break for the project. The city estimates the project will create 455 jobs.
The Economic Development Administration in September 2012 gave Portland a $1.5 million grant to help redevelop Thompson’s Point. The funds will help the city improve highway access, roadways, traffic management, safety and stormwater control.
The city has future plans to build a larger, $25 million transportation hub on property adjacent to Thompson’s Point, where the bus and Amtrak station are currently located, he said.