After nearly two years on the market, the former Jordan Meats plant, located in downtown Portland, is reportedly under contract. It was listed at $4.7 million.
Its current owner, the Procaccianti Group of Cranston, RI had planned to build a Westin Hotel and 97 luxury condos on the site, but scrapped that idea when the market took a downturn shortly after they had purchased the property. They had also considered other alternatives, but apparently none made financial sense.
Condo prices between $500,000 and $1,000,000 were envisioned, but it became apparent that Portland’s market for these types of high-end units was (and is) rather limited.
At this time who the buyer is and what the potential use for the property will be is undisclosed.
Posted by: Michael Sosnowski
Categories:
Maine Real Estate
Portland
Business News