PORTLAND, Maine — Portland’s City Council has agreed to sell 3.25 acres of city-owned property in the up-and-coming Bayside neighborhood to a real estate investment company.
The Federated Cos. will pay nearly $2.3 million for the land with the aim of developing retail space, housing, offices and a large parking lot along Somerset Street.
The Portland Press Herald says the land had been on the market for six years, but that the recession and decline in real estate prices cooled interest in the property.
As part of the deal, city councilors said Federated agreed to contract provisions intended to make sure it builds on the land within two years of getting city permits. Federated calls itself a national real estate investment group with offices in Massachusetts and Florida.