Covid-19 and Portland's Development Future

[Cosakita18]

I think that the days of ridiculously priced hotel rooms on the peninsula are gone for now.

I think the most immediate fallout from this is that we are going to see every hotel project that hasn't already broken ground be stalled or cancelled. This includes the Longfellow, Time & Temp renovation and Thompson's point.
Regardless of when covid-19 is contained, every projection for the next 6 months shows that the economic fallout from this is going to extend into the summer, and it stands to reason that summer of 2020 is going to be noticeably less crowded than previous years. Portland already has a large oversupply of hotel rooms for almost half of the year and a year or two of lackluster summer visitors could doom a lot of hotel projects.

 

[Max]

I think the most immediate fallout from this is that we are going to see every hotel project that hasn't already broken ground be stalled or cancelled. This includes the Longfellow, Time & Temp renovation and Thompson's point.

I think you're probably right, and I'll be super bummed out if the Longfellow Hotel doesn't come to fruition, because I think it's a great design in a great location, set to replace a dreadful former gas station.

However, in the case of the Time & Temp building, if they're forced to changed direction because of this I almost think it might be a blessing in disguise. I'm not excited about the prospect of a hotel being the primary use of one of the city's signature buildings right in the center of town. It's always been a signature office building -- what about a major renovation to class A office space? What about market rate apartments?

 

[Dr. StrangeHat]

I'm not excited about the prospect of a hotel being the primary use of one of the city's signature buildings right in the center of town. It's always been a signature office building -- what about a major renovation to class A office space? What about market rate apartments?

I'm on the same page as you Max. I'd rather see that building be a mix of office and residential than a hotel.

 

[Portlander]

And I totally agree with the both of you. However, I will still take the current plans for a hotel and restaurant over a vacant landmark building that will continue to deteriorate for many years similar to what has been happening with the Masonic Building. The cost to convert the tower into Class A office space may be more expensive and less feasible due to the changing environment which may include even more traditional office related staff working from home. The real difficulty in my opinion would be maintaining the Time & Temperature Building AND 465 Congress Street in their historical role as office buildings. Both structures are stepping up to the plate at the same time and I don't see how Portland can absorb 24 total floors of renovated Class A space without relocations from current Class A or B buildings. Sadly, there may only be one winner between these two classics.

 

[Dr. StrangeHat]

I see this crisis resulting in a decrease in demand for Class A office, not just here but in a lot of cities. Nearly all professional companies that occupy Class A office space have shifted to work-from-home. Once this crisis is over, many companies could be more open to allowing employees to work remotely. Those that enjoy and need a workplace setting will obviously return to a workplace setting, but those that grow comfortable with working from home will likely push to retain that status or more flexibility. I started working from home in May 2015, and five years later I doubt I could easily transition back to a workplace setting. I really enjoy the freedom and personal expense savings that working remotely provides, but I'm also not the type of person that needs the social setting that surrounds a lot of workplaces. In fact, my wife working from home and having the kids home has decreased my productivity in the past few weeks. It's harder to focus.

 

[Element4]

Thanks for the perspective and welcome to the forum, element4!

Is phase 2 "shovel ready"? I remember during the master planning process the developers intended to build phase 2 almost immediately once phase 1 has completed

As of now it it still a lumber yard building that they are using as site office. Have not heard anything when it's starting. The hotel is quite a way along.

 

[TC_zoid]

Portland seems to have an impressive number of new projects underway. I follow the Boston arch pages and most--or all--of the big projects appear to have been suspended. But not Portland. I think Portland is an even more attractive place to live and work now. I know that now, or for the upcoming summer anyway, I hold little excitement in returning to my midtown Manhattan apartment. I'll find a way to hang in Portland for the summer--somehow.