SOUTH PORTLAND, Maine (AP) A company in Maine says it has bought 30 acres of waterfront property that was once slated for a hotel and conference center near a popular lighthouse park.

The company, L+R Northpoint of Portland, bought the former shipyard land in South Portland and hasn’t said what it plans to do with it. The land is near Bug Light Park.

The land was once eyed for a $900 million multi-use complex that would have included a cable-car system across Portland Harbor. The Portland Press Herald reports L+R Northpoint head and Maine native Richard Packard doesn’t yet have firm plans for the property.

Packard said he believes the land has “exciting potential to develop something that will add to the vitality of our community.” Packard declined to reveal the purchase price.
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Information from: Portland Press Herald, http://www.pressherald.com