4/26/2006 - Wednesday, April 26, 2006

By KELLEY BOUCHARD, Portland Press Herald Writer

Copyright © 2006 Blethen Maine Newspapers Inc.


A $90 million residential and commercial project on Portland's eastern waterfront won Planning Board approval Tuesday night. Construction is expected to start in September.

The four-acre, two-block project at India and Fore streets was developed with the cooperation of Portland officials. It includes one acre of former city land at the planned extensions of Commercial
and Hancock streets.

The centerpiece of the development proposed by Riverwalk LLC is The Longfellow at Ocean Gateway, a 116-unit condominium complex with 80 underground parking spaces. It would overlook the planned Ocean Gateway cruise-ship terminal.

The complex is named after Henry Wadsworth Longfellow, the poet who was born at Fore and Hancock streets, the developer said. The brick, metal and glass building would be connected to the historic Grand Trunk Railroad building at India and Commercial streets.

As required by the city, the project includes a 719-space Ocean Gateway parking garage to serve the project and the larger neighborhood. Other features include retail space, a five-story office building at India and Fore streets and a 40-unit, market-rate apartment building to be built in the future at Hancock and Middle streets.

The Planning Board's 6-0 vote was perfunctory, after almost two years of city review and the fact that Portland officials chose Riverwalk's from among four proposals to develop the site.

"It's such a large project and it has been reviewed in such detail, it was pretty much ready to go when it came in tonight," Kevin Beal, board chairman, said after the vote.

In a deal struck in June, the developer agreed to pay $850,000 for one acre of city land and the City Council gave the project a $5 million property-tax break over 13 years.
At the start, Riverwalk LLC consisted of lead developer Drew Swenson and Shipyard Brewing Co. owner Fred Forsley, who contributed land to the project. Now, it includes Alexander Spaulding, managing partner of Hinckley Properties and former president of Hinckley Yachts, and Stephen Brackett of Ironside Capital in Framingham, Mass.

A fifth major equity partner is expected to join the group soon, Swenson said.

The Riverwalk project started as a parking garage and retail building worth an estimated $14 million. By June, it had expanded to a $75 million project with a 50-room boutique hotel, which is no longer planned. Swenson said the rising cost of fuel and building materials will likely push the price even higher.

Still, Swenson said, the project has attracted many potential buyers and he plans to tap those people for ideas as design work starts in the coming weeks. Condo units range from 810 to 1,700 square feet, and some people have expressed interest in combining two or three units, depending on family size and financial means.

A full-scale marketing effort will start in early summer, Swenson said.

The Longfellow is one of three large condo projects planned on the eastern waterfront. The others are the $45 million Village at Ocean Gate and the $110 million Westin Hotel and condo project at the former Jordan's Meats plant.

Staff Writer Kelley Bouchard can be contacted at 791-6328 or at:

kbouchard@pressherald.com