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.
Posted by: Michael Sosnowski
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Maine Waterfront
Maine Real Estate