— Bright orange “under contract” signs went up on the former Jordan’s Meats factory last week.
The property, which takes up almost a block between Franklin Arterial and India, Middle and Fore streets, has been vacant since the plant closed in February 2005, despite attempts by the current owner to develop it into a luxury hotel and later an extended-stay hotel and office complex.
Broker Greg Boulos, of CBRE/The Boulos Co., confirmed this week that the property is under contract but would not say to whom or what the redevelopment plans are.
“I can’t really say too much because it hasn’t been closed on,” Boulos said.
The 1.75-acre property has been on the market since 2007. The listing price was $4.75 million.
The Procaccianti Group of Cranston, R.I., owns the property. Procaccianti in December 2005 received permission from the city to redevelop the property in to a high-end Westin Hotel with luxury condominiums. A year later no work had been done and the developer applied for a year extension to its contract zone. Shortly after, the property was put on the market.
In 2007, Procaccianti approached the city with a new plan for an extended-stay hotel and office building, but never got to the planning stage. The property is now leased for parking.
Procaccianti was one of many developers that set their sights on the Eastern Waterfront a few years ago. The Riverwalk development and the Bay House condominium project also received approval from the city. Riverwalk built the Ocean Gateway parking garage, but condominiums and retail space were never built and the project is the subject of a lawsuit between members of the development group.
Bay House, which is supposed to be built at the former Village Cafe site, is still being actively marketed, but so far construction has not begun.
The Marriott Residence Inn extended-stay hotel, on Fore Street next to the Ocean Gateway Garage, is the only major Eastern Waterfront private development that reached fruition. It opened in August.
Redevelopment plans for the city-owned Maine State Pier also fell through, in 2008.
Calls to City Hall officials regarding the Jordan’s Meats property were not returned this week.