Portland-based Planning Decisions, Inc. (PDI) released a study that indicates the redevelopment of 58 Fore Street, the former Portland Company complex, could add $76 million to Portland’s tax base, generating $1.5 million in additional property tax revenue.
PDI based its evaluation on a development model comparing a similar size land area in Portland’s Old Port that contains a mix of retail, residential, hotel, restaurant, and office uses, to the 58 Fore Street property.
The report was prepared on behalf of the developers, CPB2, LLC.
CPB2, LLC wants to rezone the 9+ acre site along the Eastern waterfront to allow for bars, restaurants and housing.
A group of residents formed Soul of Portland to advocate against aspects of the development, particularly building heights.
The City Council will vote on the rezoning on June 1st.
