BAR HARBOR — The Canadian government will seek fair market value for the idle international ferry terminal property on Eden Street here.
Local and state officials had hoped that the Canadians would sell the property for a nominal fee, just as they were able to purchase it from the State of Maine in 1985 for $1. Maine Port Authority (MPA) director John Henshaw, however, said that the latest move is not necessarily a deal-breaker.
The MPA decided to seek ownership of the property and entertain building a cruise ship pier there after the first phase of a study on the ferry terminal by Bermello, Ajamil & Partners, Inc. (B&A), a maritime and cruise industry consulting agency, was released.
The study found that even at an estimated cost of $16.7 million, building a cruise ship pier at the ferry terminal would lead toward a profitable operation.