By Nate Jones

Staff Writer 

A 22.6-acre parcel of land at 149 Front St. in South Portland may be the most lucrative piece of property in the city. 

Andrew Ingalls, president of Ingalls Commercial Real Estate Brokers, said he couldn’t recall any other parcel that could compare to development potential of the $3.8 million waterfront property abutting Bug Light park. 

Despite the property’s potential and what South Portland Economic Development Director Erik Carson called “progressive” proposals for development, the land has remained home only to an old warehouse since it was purchased 10 years ago by H.H.H. LLC, a company managed by John Cacoulidis, the New York businessman who also owns Casco Bay’s Hope Island.

Cacoulidis last week purchased the Portland Press Herald/Maine Sunday Telegram offices and former press plant on Congress Street in Portland for an undisclosed price. The buildings have an assessed value of nearly $8 million. 

It is the second time in two months Cacoulidis has spent millions in greater Portland. According to the South Portland city assessor’s office, Metro 300 LLC, another company managed by Cacoulidis, last month purchased a 117,000-square-foot office building in the Southborough office park along the Scarborough border.

 South Portland Assessor Elizabeth Sawyer said she has not received the final sale price from the Maine State Registry of Deeds, but estimated the property – with an assessed value of nearly $16 million – sold for approximately $10.5 million. The building purchase was accompanied by the sale of an assessed $3.8 million, 11.25-acre parking lot adjacent to the facility and over the Scarborough border.

Cacoulidis’ proposals for the South Portland land have included a convention center, hotel, marina and cable car connecting to Portland across the Fore River. South Portland Planning and Development Director Tex Haeuser said two proposals “never made it” to the planning board for review because the developments required amendments to the current shipyard zoning ordinance. While the ordinance allows construction of a marina there, Cacoulidis’ proposal exceeded the area’s 86-foot height limit.

Carson said the city will “remain open to any kind of discussion” for development of the Front Street property, especially if it includes linking Portland and South Portland. 

“It’s certainly valuable,” Ingalls said. “I think it would be a great place to live. You’re a long way from [Interstate] 295, you have Mill Creek right around the corner. It’s close by the oil tanks though, but I guess in a way that’s attractive too.”

“We’re hoping that with Mr. Cacoulidis’ growing interests in Portland and South Portland, it means he’ll be putting more of his focus [on 149 Front St.],” Haeuser said.

Dunham Commercial Real Estate Group Broker Tom Moulton, who has recently represented Cacoulidis in the purchases in Portland, South Portland and Scarborough, did not return phone messages by press time Tuesday. Cacoulidis could not be reached for comment.

    Staff Writer Nate Jones may be reached at 282-4337 ext. 233.