Announcement expected on development of Thompson's Point in Portland

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PORTLAND — A press conference is scheduled for 10 a.m. Thursday at City Hall to announce redevelopment of one of the city’s most visible pieces of waterfront real estate.

Lewiston-based Parallax Partners, a real estate development company, is expected to announce the project that will remake Thompson’s Point.

The Maine Red Claws basketball team, which routinely sells out games at the 3,040-seat Portland Exposition Building on Park Avenue, has been widely rumored to be considering a new arena as part of the project.

Officials of the NBA Development League team would neither confirm nor deny their involvement.

The 25-acre Thompson’s Point property was listed for $9.9 million when it went under contract to be sold last November.

About two dozen small businesses are on Thompson’s Point. The property, across the Fore River from the Portland International Jetport, contains several old warehouses, portable storage containers, construction debris and gravel roads.

It has been on the market since 2007, and is near the Congress Street exit on Interstate 295 and the Portland Transportation Center, which is a hub for interstate bus and passenger train service.

Randy Billings can be reached at 781-3661 ext. 100 or Follow him on Twitter: @randybillings.