May 11, 2013 — The struggle to comply with the zoning formula that applies on Portland's waterfront raises questions about the relevance of the marine-only designation. In the coming weeks, the city will receive an updated inventory of waterfront tenants to track how uses have changed since the city relaxed zoning laws to allow more nonmarine uses.
CBRE-The Boulos Co. announced this week that King's Head LLC has a lease for a 2,250-square-foot gastro-pub serving high-quality beer and food. King's Head currently operate pubs in Stowe, Vt., and Athens, Ga., and plans to open its Portland restaurant in September, according to CBRE.
When contacted Wednesday, Justin O'Connor, a partner in King's Head, said that, for marketing purposes, he is not granting interviews until the pub is ready to open.
"It's going to be a great addition to the building," said Anthony Gatti, a partner in Waterfront Maine, which owns Merrill's Wharf.
Since the former Cumberland Cold Storage building was renovated back in 2011, its upper floors have filled with nonmarine tenants, including the Pierce Atwood law firm.
So far the only ground-floor users are Stillwater Yoga, Federle Mahoney and Down East Enterprises — all nonmarine.
Gatti said CBRE is currently negotiating a lease with an office user for the remaining 1,400 square feet of nonmarine space, leaving all of the roughly 12,000 square feet of space for marine uses vacant.
Real estate broker Drew Sigfridson said Waterfront Maine is reducing rents by 25-35 percent to land a marine tenant.
"All of the tenants that would qualify as a marine use are still not able to pay those reduced rents," Sigfridson said.
Until 2010, only marine uses were allowed on the ground floor of the 15 piers located in the Waterfront Central Zone, which runs from the Maine State Pier to the International Marine Terminal.
Read the full story at the Portland Press Herald