An auction sale has put a $40 million Saco development project at risk.
Ted Moore of East Marblehead, Massachusetts, paid nearly $3 million for an undeveloped 6-acre parcel in Saco on Tuesday.
The purchase included a part of an island in the Saco River, where developer Bernie Saulnier and J&B Partners LLC had proposed a mix-used development called The Waters.
The Portland Press Herald reports Saulnier had released plans for the project as well as held public meetings to express his vision for the property, but he never submitted formal plans to the city or received the necessary approvals for the development.
The project had plans to include residential units and a 50-room boutique hotel, among other spaces.