PORTLAND PRESS HERALD • March 7, 2026
Ten years in, the projected cost of redeveloping Portland’s prime eastern waterfront has pushed well past $1 billion since the city approved a master development plan for the former industrial site in 2016. In that time, the developers have completed a $27 million yacht-ready marina alongside the 10-acre site. They also spent $100 million to build a four-story Sun Life office building and move a historic factory storehouse brick by brick to a spot closer to the waterfront, where it now houses the restaurant Twelve. This spring, the third phase of the project is set to ramp up. It would add a 130-room hotel with 38 residences, a 132-unit condominium building and a 200-apartment complex, including 20 units that would be affordable under the city’s inclusionary zoning rules. The work is expected to be finished by 2029 or early 2030,