“What we needed was a little competition,” says Steve Wolgin, Managing Director of U.S. Real Estate Advisors of New Jersey and spokesperson for its development project, Dream Port 3 LLC.
“I selected three top local firms – PDT, Archetype, and Canal 5 – to present ideas” on how to renovate a square of buildings from the corner of Fore and Union streets east to the Klaman Bottle building, and the corresponding stretch on both sides of Wharf Street behind them. Dream Port 3 purchased this major block of the Old Port – 432, 434, 436, and 446 Fore Street and 42 and 50 Wharf Street – at a foreclosure auction last year for $5.6 million.
Representatives from all three firms convened recently at Hyatt Place across from the block in question to present electronic and printed versions of their ideas to an assortment of interested Portlanders. It turned out their ideas were so good that Dream Port 3 extended the decision date.
“We have to study the feasibility of each one carefully. With this project, we’re hoping to stimulate even more of the renaissance that’s already going on in the Old Port. This neighborhood is so rich in history. We hope to have a decision in a few weeks,” says Wolgin.
The crowd didn’t riot because all three presentations wowed.