Saco Island Project Approved

In a unanimous vote the Saco Planning Board on Tuesday approved Saco Island LLC’s $100 million redevelopment plan of a 15-acre complex of former manufacturing mills. The project, of comparable size and scope to Portland’s Maine State Pier, has been under consideration and review for more than three years. The current undeveloped land has been vacant for several decades.

Construction is expected to last four years and include a combination of retail space, condominiums, marina and offices.

Last fall, Saco Island LLC negotiated $35 million in tax increment financing from Saco, the largest such deal ever made between a Maine municipality and a real estate developer.

The city also agreed to sell a piece of land to the developers for use as a parking lot, with the agreement that the city would use the proceeds to build a new train station.

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Maine Med Nationally Ranked

Medical care continues to excel in southern Maine. Recently Maine Medical Center, based in Portland, is the first Maine hospital to appear in the U.S. News and World Report “America’s Best Hospitals” rankings. The 2007 rankings rate hospitals by treatment type and include some of the country’s best, like the Mayo Clinic, Johns Hopkins Hospital and the Cedars-Sinai Medical Center.

Maine Medial Center ranked 50 out of 50 in the “Heart and Heart Surgery” category and 45 out of 50 in the “Orthopedics” category, according to a press release. Only 173 hospitals of 5,462 considered made the paper’s lists.

The hospital was judged on factors including mortality rate, nurse-to-patient ratio and availability of advanced services.

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Belfast Condo Project Scrapped

As has recently happened with several condo projects in the greater Portland area, developers in Belfast have decided to withdraw from a potential project. Westport Capital Partners had been planning to build 40 condominiums and a restaurant on the site of the former Stinson Seafood building in the harbor area.

According to company’s representatives, for a suitable return on investment the condos would need to be sold in the $600,00 to $800,000 range and in the current economic climate did not believe that could be realized. Westport Capital’s project manager George Pray made the announcement at a special city council meeting Friday afternoon.

The company held an option to purchase the former Stinson Seafood property, which it will not exercise. Westport Capital took over the project from developer Tom Roberts, who labored for several years to bring a similar redevelopment to fruition.

Westport Capital, like Roberts before, was seeking a contract rezoning arrangement with the city. Current zoning does not permit the sort of development both Roberts and Westport Capital planned. As a result the developers, with input from the city, had to create plans that ultimately required approval by the council.

Roberts won such approval, but was unable to complete construction because of financial problems. Westport Capital was still working its way through the process as recently as last week.

Both development schemes included a marina and boat storage. The property is on the city’s inner harbor and is adjacent to the recently reconstructed footbridge. But it is also a very narrow piece of land and lies within a zone which requires residential areas be built above a potential flood area.

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Housing Market Attracts Media Feeding Frenzy

As with nearly every issue the media has a tendency to look at things from the most negative perspective – and the drop in the housing market is no different. Many home sellers in Maine and nationally are in a panic and without a doubt that desperation is working against them.

Recent stories in CNN Money, Bloomberg and The Financial Times have all decried the demise of the real estate market. As recently as last Friday Time Magazine prepared an expose on the falling housing market in Southern California.

I am not proposing that the market is not going through difficult times. Without question sales are down and properties are taking longer to sell. What is interesting, however, is how markets start to react. Initially there is denial that a problem is occurring. For example builders had their time and money invested in developments and even though the warning signs were there to slowdown, they continued to build. Now they are severely cutting back and simply trying to survive!

Wall Street is taking action and mortgage rates are beginning to show signs of retreating. The Federal Reserve will probably move to reinforce lower rates and keep the market from a complete meltdown, risking some mild inflation in the process.

People forget that the real estate market is cyclical in nature. Housing costs that hit record highs also priced out their intended buyers. Those buyers that made the leap to buy (when they really couldn’t afford to do so, obtained bad loans. Now these loans have to be flushed out, prices have to find their logical levels and the industry has to suffer to absorb the excesses. This is a natural market process.

Inventory that was purchased by speculators but not homeowners or renters needs to filter out of the system. When the speculators left, there was a significant part of the market that left with them and that needs time to sort out as well.

Perhaps the dip will be deeper and more prolonged than anticipated, but a recovery will occur. Housing is a product that is needed – by everyone! The market will not be destroyed.

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Olympia To Develop Maine State Pier

In an expected 5-3 vote, the newely elected Portland City Council on Monday named Olympia Companies to develop the Maine State Pier. The vote comes after repeated attempts to decide between Olympia and Ocean Properties of Portsmouth, NH. A number of previous votes had ended in ties.

According to councilors the decision for the $100 million project came down to Olympia’s design over Ocean Properties’ funding. The seven-acre development will include a mega-berth for cruise ships, a hotel and office and retail space.

Many are questioning the decision as Olympia has not presented a bona fide plan as to how the project will be financed and how state and federal permitting issues will be overcome. A strong benefit of working with Ocean Properties was that the company could internally finance the project, ensuring its completion.

Voters changed the balance on the City Council by electing an Olympia supporter to replace a councilor who backs its competitor. The council had been deadlocked 4-4 on whether to choose Olympia or Ocean Properties. John Anton’s victory over incumbent Jim Cloutier apparently gave Olympia the five council votes it needed to be selected the city’s partner for the project.

Cloutier had been a strong advocate for Ocean Properties. Prior to the council vote Anton reaffirmed his support for the Olympia Cos.

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