Portland, ME (WGAN) So much for the plans to spend $85 million developing Portland’s Bayside neighborhood….the so-called midtown project.

The Portland Press Heralds’ reporting that the company behind the project has missed a major deadline, and that leaves the project dead in the water.

Federated Companies was talking about hundreds of housing units along Somerset Street.

After a series of objections from the neighbors was cleared, it appeared to be smooth sailing.

But Federated Companies failed to file for a building permit needed to get the project underway.

A big issue is an $80 thousand impact fee required by the city.

Federated says their deal called for the performance guarantee to be waived. The bottom line…the project is off the books.