PORTLAND, Maine (AP)   A cold storage company has dropped plans to build a new high-tech refrigerated warehouse along the Portland waterfront.

The Portland Press Herald reports Atlanta-based Americold announced Monday it will not develop a planned facility at the International Marine Terminal, citing the costs of construction and running the facility.

The estimated cost to build the nearly 70-foot-tall warehouse was $30 million, plus an additional $6 million to stabilize the soil underneath.

Port officials have said the facility is needed to support the state’s growing food, beverage and pharmaceutical industries.

Maine Deputy Transportation Commissioner Jonathan Nass says he’s still hopeful a refrigerated warehouse will be built on the state-owned land.

He says the state will likely seek partnerships with private companies to fund and operate the warehouse.