Plans to build a Westin hotel/condominium complex in Portland’s Eastern Waterfront have been put on hold, and the Procaccianti Group has decided to put its investment there up for sale. The initial project, slated for groundbreaking last summer, involved tearing down the long-closed Jordan’s Meats, replacing it with a $110 million development encompassing a 223-room hotel, 97 luxury condominiums and 20,000 square feet of retail space.
“The project that was designed was a terrific project; but we wouldn’t do anyone any favors by putting out a project that wouldn’t be successful,” explains Tom Niles, executive vice president of development Procaccianti Group. “We’re hoping to sell it as a hospitality product — we’ve already invested $6.3 million plus the cost of entitlements.”
A company spokesperson confirmed that the property is currently listed with CB Richard Ellis for $10 million. The Portland Press Herald reported in mid-October that plans to demolish the former Jordan’s building will proceed and that the property — for the time being — will become a parking lot. q