••••Here is an article from The Portland Daily Sun....it has an interview with John Cacoulidis concerning his properties within The greater Portland region.....
N.Y. developer keeps SoPo resort dream on back burner
By David Carkhuff
Aug 17, 2011 12:00 am
Talk about your bigger fish to fry. A developer who owns a Maine island and hopes to bring new tenants to an iconic building in the city's downtown holds out hope for reviving a rebuffed multi-million-dollar waterfront development on property he owns in South Portland.
New York developer John Cacoulidis anticipates he will need another six to nine months to finish renovating the former Portland Press Herald building so it can be rented out as office space. Meanwhile, he still has his eye on the South Portland waterfront and an ambitious convention center development that was rejected a decade ago.
"I like Maine, it's a beautiful waterftont, but right now nobody creates any jobs," Cacoulidis said in a telephone interview Tuesday.
"Right now, it's a little bit rough with the economy the way it goes, but if they give me the OK, I can do something," he said, referring to the 41-story hotel towers and convention center that he tried to build on 22 acres of South Portland's Spring Point waterfront.
"That's my business. I'm a builder. I build all over the country," he said.
Cacoulidis withdrew his plans after twice failing to win local permits, according to news reports. But the project remains on his mind.
"I will put Portland, Maine on the map," he vowed Tuesday.
Cacoulidis — who raised eyebrows with his sweeping and some say unrealistic plans for constructing two 640-foot towers on the South Portland waterfront, as well as for his lingering tax dispute over the island he owns off Cumberland — said he still needs to return a call to Gov. Paul LePage about job creation in Maine.
Right now, he's putting out feelers for new tenants in the former Portland Press Herald building located across from Portland City Hall.
Today at 5 p.m., the Historic Preservation Board will resume reviewing proposed outside alterations to the building, located at 390 Congress St. Architect David Lloyd, representing Cacoulidis's company, Metro Media LLC, is returning to the historic preservation board following an initial review on June 15, bringing proposed exterior alterations of the seven-story building to the board.
Lloyd said renovations include installation of new elevators, bathrooms, added windows and a new entry and lobby space.
"Right now the owner is just cleaning it out and repairing it, adding some windows where there are no windows, and then he's basically looking for tenants. He does not have a tenant right now," Lloyd said.
The building will be suited for office space, although the first floor could work as retail space as well, he said.
Tom Moulton, broker on the property and one of the owners of Dunham Group realty, acknowledged the market remains sluggish, with more supply of commercial properties than demand, but he said the old Portland Press Herald building's location and clean conversion into fully renovated offices should attract a renter.
"I feel pretty confident we'll be able to get it leased out by next spring and occupied by next summer," he said.
Cacoulidis said he bought the old newspaper office because he owns a neighboring commercial office building near Monument Square and because of the old newspaper office's prime location in the downtown.
"I bought it because I own 2 Monument Square, it's very close by, and it's a good address, and the location is good," he said.
But Cacoulidis agreed that the economy is deterring job creation ("politicians need to do something," he said).
The new governor, Republican Gov. Paul LePage, called his office "to see what he wanted to do," Cacoulidis said. On Tuesday, he said he had yet to return the governor's call.
Cacoulidis said he's staying busy, with people bringing him development projects, even as he envisions retirement to the home where he and his wife reside on Hope Island. But a superior court case is pending over his property tax bill of $80,000 a year for his island home, he said. Cacoulidis said the case is exorbitant taxation for an island deprived of basic services.
"They say the guy is from New York, he has money, let's get his money," Cacoulidis said.
"They estimated I have 40 lots," he said, so the tax bill is the equivalent of 40 families paying taxes, Cacoulidis said. The case may go to federal court, he said.
While the tax case moves through the court system, Cacoulidis said his property in South Portland could still harbor a job-creating resort development.
"Eventually I will revive it," he said.