A development plan to add nearly 300 condominiums in downtown Portland received preliminary approval from the planning board on Tuesday night.
The master plan for the proposed $200 million to $300 million redevelopment project was approved by a 5-0 vote by the Portland Planning Board at its Tuesday night meeting, according to the Portland Press Herald, paving the way for the first phase of the project to get underway.
The project would build the 300 condominiums, a 150-room hotel, seven retail spaces, a restaurant, public space and more than 300 parking spaces east of City Hall. The space will be dubbed “Herald Square” to pay tribute to the former location of the Portland Press Herald printing plant.
The site plan application is expected to be submitted by The Fathom Companies sometime next month, allowing the first phase of site preparation to potentially start this fall, the Portland newspaper reported. Due to the scale of the project, a timeline for when construction is expected to be completed has not been released.
The project is expected to take place in four phases, with the demolition of two existing structures setting up the first phase this fall. Construction of the 157,600-square-foot hotel and the 5,100-square-foot restaurant, along with some parking spaces and other amenities, is expected in the coming months, the Press Herald reported.
