N.Y. developer buys 3-acre plot in Portland

PORTLAND – A New York developer who made headlines with his plans for a lot on the South Portland waterfront has purchased a lot on the other side of the harbor.

John Cacoulidis paid $2.75 million for the 3-acre plot at 100 Fore St. in Portland. The plot includes a metal-frame building, occupied by Hamilton Marine and GG Direct, and is valued for tax purposes at less than $1 million.

But its value could jump if Portland’s planned Ocean Gateway terminal attracts hotels, shops or other businesses to the city’s East End.

Cacoulidis was among 10 people who bid for the property at a bankruptcy auction in early June. The sale is subject to approval in U.S. Bankruptcy Court.

Cacoulidis did not return calls for comment on Thursday but real estate broker Greg Boulos, who brought the property to Cacoulidis’ attention, said the developer doesn’t have specific plans for the plot.

“I think he’s buying it as an investment,” Boulos said. “He sees it as a great location.”

The site is one of a few parcels east of the proposed Ocean Gateway, where the city plans a new cruise ship terminal and other improvements. The property does not sit directly on the waterfront, but the harbor could be seen from a tall building.

Portland planning and development director Lee Urban said the parcel is likely to be a key piece of future development. Urban said he is waiting for the sale to be approved in bankruptcy court, but said the city is “very eager” to speak with Cacoulidis about his plans for the parcel.

The purchase added to Cacoulidis’ holdings on Portland Harbor. His plans for a 22-acre lot on the South Portland waterfront have included a towering hotel and cable cars strung across the harbor.