Bangor City officials announced today that the Bangor City Council is expected to vote Monday night, July 15th to sell a 3 acre lot to Ocean Properties for the development of a hotel on Dutton Street, adjacent to the new Cross Insurance Center.

“A new hotel to serve Main Street and the Cross Insurance Center has been a goal for the City for the last two years. We are so pleased to be working with Ocean Properties to make this a reality,” said Council Chair Nelson Durgin. “Their work is world-class, and we are confident their development will complement the Cross Insurance Center and all of the exciting things taking place on Main Street.”

Ocean Properties started in the Bangor/Brewer area, and has significant investment in Maine. The company now owns more than 100 resort properties in North America and has a very large employee base. Richard Ade, Executive Vice President and Chief Financial Officer for Ocean Properties, said the firm is very excited to participate in the growth of the City.

The City will sell a 3.13 acre lot (tax map 26, lot 45) to Ocean Properties for $565,000. Initial plans are for a 130-room hotel, approximately 120,000 square feet in size, with an estimated investment of at least $18 million. Construction will begin no later than July 2014, with substantial completion expected no later than August 2015.

At Monday night’s City Council meeting, the Bangor City Council is expected to give final approval to a development agreement which outlines the terms and conditions of the sale. That meeting takes place at 7:30 pm in the Council Chambers at Bangor City Hall, 73 Harlow Street.