Ten acres along Portland’s eastern waterfront would be built into an manicured neighborhood of residential buildings, shops and restaurants in a development that stirred controversy last year and will be formally unveiled today.
The redevelopment of what was once a foundry at 58 Fore Street will cost roughly $250 million and include more than 600 units of housing in a mix of glass and brick buildings and a hotel, according to the Portland Press Herald, which first reported development plans submitted to the city.
Although development company CBP2’s unveiling of its proposed master plan for the site this morning will be the first release of fine-grained details, the project has been at the center of a heated debate over development in Portland for more than a year.
In 2015, a group of Munjoy Hill residents tried to block the Fore Street building through a municipal referendum after the City Council rezoned the area to allow the construction of taller buildings. Opponents of the ballot measure spent more than $100,000 on campaigning, including $20,000 from CBP2, and it was handily defeated last November.
Portland’s inclusionary housing ordinance requires that 10 percent of the homes in the development be affordable for a middle-income household, which in Portland means roughly $77,000 a year for a family of four. However, the developer can buy out of this requirement by paying $100,000 to the city Housing Trust Fund for each affordable unit that would be added.
The rezoning of the eastern waterfront allows buildings as tall as 65 feet. At least one building east of Waterville Street will approach that height, while those west of the street will be shorter, the Press Herald reports.
Here are the renderings showing what the proposed development would look like: