The $100-million-plus project to redevelop the largely run-down Thompson’s Point with office buildings, an event center, a multi-modal transportation hub, restaurants and a sports arena for Portland’s Red Claws professional basketball team will benefit from $1.5 million in federal funds, according to a U.S. Department of Commerce announcement today.
The money is being awarded to the city of Portland to help build the infrastructure to support the massive project, specifically “highway access, roadways, traffic management, safety, and storm water controls.”
Here’s a statement issued today by President Barack Obama’s acting Commerce Secretary Rebecca Blank:
This $1.5 million Economic Development Administration investment in Maine is an example of the Obama administration’s commitment to strengthening local infrastructure to support business growth and create jobs. Today’s grant will help Portland redevelop Thompson’s Point, which will help bring new economic strength to the region.