Portland, ME - New Construction Continued

Portlander said:
Impressive, especially like the glass facade facing Fore Street. Agree with the removal of the utility poles! In addition to this project, there is still a 7 story office building, 7 story condo building and a new hotel (Home 2) waiting to break ground on Fore Street. Also a four story condo building on India Street by the renovated Grand Trunk building, and the proposed garage behind WEX. Oh yeah, a new 6 story condo building on Franklin at Congress. Did I forget anything on this end of downtown?
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The East End is the place to be. When Vets First Choice opens with its new partnership, that will be two, billion dollar companies within steps of one another. Also, in this neighborhood will be three very nice, new hotels (Residence Inn had a million dollar plus makeover this past spring) and seven outstanding restaurants. It also looks like Vets First Choice will have a top level deck and social area looking out to the harbor (as WEX will too). A lot to see with all the diverse cruise ships and boats in the harbor. Now I'm very big on Boston's Seaport District, but jeez, if you have a company in the East End it will be hard to beat. After work, you can walk to a beach with your kayak (carrying it with a friend). That's just not happening in the Seaport District. So, much, much easier to attract new employees from out-of-state now. A no-brainer investment in this area. And if the Portland Company Complex becomes developed (not confident now it will be anything noteworthy, knowing what happened with the principals), wow.
 
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Anyone know more about the "rumors" floating around about Portland Square?? Feels like that's been a rumor for years but is there something more concrete now?
 
Cosakita18 said:
Anyone know more about the "rumors" floating around about Portland Square?? Feels like that's been a rumor for years but is there something more concrete now?
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I'm hearing that there are now plans on the drawing board. I haven't heard any details of that plan other than the existence of a plan. Probably won't be long before something is announced.
 
Dr. StrangeHat said:
I'm hearing that there are now plans on the drawing board. I haven't heard any details of that plan other than the existence of a plan. Probably won't be long before something is announced.
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I feel like I've been hearing this for years but whoever owns those lots must know that they're sitting on a goldmine. The land is too valuable to stay a parking lot forever.

I don't know if there is enough office market demand in Portland to justify a larger office tower, and the hotel market is already oversaturated so any ,major mixed use project would need to be office / residential
 
There was enough demand but WEX, Vetsfirstchoice and Tilson chose separate HQ buildings on the Eastern waterfront portion of downtown. I agree with your view that a mixed use project would be needed to fill a taller building and I think it will come with time. Hopefully, a major law firm, bank or insurance company will eventually commit and transform a long underutilized parcel into something impressive.

I'm still torn on which site I'd rather see developed first, Portland Square or the Top of the Old Port. In addition, I'm very concerned with the well being of the Time & Temperature Building. Am hoping that the new post foreclosure owner will do a complete interior (residential) and exterior renovation and maybe add a few floors as has been done with other classic/historic high rises in other cities.
 
Portlander said:
In addition, I'm very concerned with the well being of the Time & Temperature Building. Am hoping that the new post foreclosure owner will do a complete interior (residential) and exterior renovation and maybe add a few floors as has been done with other classic/historic high rises in other cities.
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When the Press Herald reported on the building's condition awhile back, it sounds like it needs a lot of work, but that also there had been a lot of interest in the building by local developers / investors but that the building's owner was unresponsive to their inquiries.

Hopefully the sale results in a buyer who plans to do a major renovation and bring it back to the kind of condition it deserves. I would love to see the lobby / arcade area restored.
 
I'm with you Max, we'll keep our fingers crossed. I also hope Joe Soley maintains the Fidelity Building and does not allow it to slowly deteriorate. It's more historically significant than the Time & Temperature Building and I've heard it's in better shape even though it's 14 years older. Those two buildings along with the Eastland Hotel helped put Portland's skyline on the map in northern New England. Prior 1970, Manchester only had the Amoskeag Bank Building (10 floors) and the Carpenter Hotel (12 floors) and neither were as tall as Portland's three.
 
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NewHeight Group has just sent out notice that site work is about to begin on their Verdante Condos project. I was very pleased to see that they're planning to take down several poles and wires as part of the project and move the infrastructure underground. I think this should be required of all new development on the peninsula.

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The first renderings of the proposal for 100 Fore Street are in the planning board documents. Not terribly inspiring in my opinion. Essentially it's a big parking garage and they're throwing a couple floors of office space on top. According to the application they intend to keep the westernmost part of the current Hamilton Marine building and turn it into a fitness center for the new office employees and WEX.

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Maine Medical Center moving quickly forward with the 3rd and final phase of their proposed expansion. I believe work has already begun on their new 10 (or 12?) story parking garage off St John Street.

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I agree, the Fore Street project is nothing special visually and I guess the developers are going to demolish part of one structure to extend Mountfort down to Thames Street. Maine Medical Center's new entrance looks impressive though I wish it had a little more height on the Congress Street side. There are two additional floors but they are kind of hidden on the rear inner corner of the building.
 
^ Yeah, that 100 Fore Street rendering is rather hideous.

I can't understand why a developer who owns valuable waterfront property wants to give away so much of it to low-rent car storage, but I guess it's a testament to how much landlords still believe they "need" parking to attract tenants.

Relatedly, I was at the ULI conference in Boston last week, and loan underwriters there were talking about how they were going to stop financing parking garages b/c of the IPCC climate report, which is pretty specific in stating that cities need to shift their transportation networks to move at least 80% of all commutes by transit within the next 10 years.

Either Portland meets that goal or this parking garage and most of Commercial Street are going to be underwater. And the developers and investors who are building these garages are going to be underwater either way.
 
cneal said:
^ Yeah, that 100 Fore Street rendering is rather hideous.

I can't understand why a developer who owns valuable waterfront property wants to give away so much of it to low-rent car storage, but I guess it's a testament to how much landlords still believe they "need" parking to attract tenants.

Relatedly, I was at the ULI conference in Boston last week, and loan underwriters there were talking about how they were going to stop financing parking garages b/c of the IPCC climate report, which is pretty specific in stating that cities need to shift their transportation networks to move at least 80% of all commutes by transit within the next 10 years.

Either Portland meets that goal or this parking garage and most of Commercial Street are going to be underwater. And the developers and investors who are building these garages are going to be underwater either way.
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Portland really does have a ridiculous number of garages for a city of its size, and more proposed or under construction. It doesn't make for good land use especially in such a valuable neighborhood.

Personally, I would like to see a somewhat unified frontage of buildings along Thames St. facing the waterfront and the future park. Maybe another office or residential building east of the new WEX hq on the opposite side of the new Mountfort St. extension.
 
Portlander said:
I agree, the Fore Street project is nothing special visually and I guess the developers are going to demolish part of one structure to extend Mountfort down to Thames Street. Maine Medical Center's new entrance looks impressive though I wish it had a little more height on the Congress Street side. There are two additional floors but they are kind of hidden on the rear inner corner of the building.
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The city wants that Mountfort St. extension (and it does make sense), but it can't be done without the Jackrabbit (VA) property. These developers (same for 100 Fore as for Wex) are making provision for it in their plans, but that's all that can be done for now.

I like that the garage plan seems to preserve at least some of the existing slope down from Fore St. to the Commercial St. plane. Per an old article in the Bollard by Colin Woodard, that's actually the original shoreline of Broad Cove, and I'm a fan of preserving what remains to remind us of the original shore. For that matter, "Broad Cove Garage" wouldn't be a bad name for the structure, either.
 
So I heard from a good source that Soley has hired an architect for a 20 story tower on that spot behind five guys/novare/key bank. Shocking it's gonna have a hotel!!!!

Also the little restaurant thing in canal plaza is about to sign with a tenant with deep pockets
 
Portcity75 said:
So I heard from a good source that Soley has hired an architect for a 20 story tower on that spot behind five guys/novare/key bank. Shocking it's gonna have a hotel!!!!

Also the little restaurant thing in canal plaza is about to sign with a tenant with deep pockets
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I might be a bit pessimistic / cynical, but I highly doubt anything will actually get built even we get renderings and site plans.

It's fairly likely that the country will enter another economic downturn within the next 2 years, that alone could derail any project that is reliant on hotel and high end rentals...2 areas that tend to suffer first in an economic downturn. In smaller markets like Portland, big projects like this tend to be a sign that the bubble is about to burst. It isn't a sure thing, but the pattern is there.


I'm glad that little cafe space is getting a tenant though, should help liven up that area. Hopefully a more substantial renovation of Canal Plaza is on the drawing board too.
 
The good news is that Mr. Soley has deep pockets himself which means that if his project gets through all of the hurdles, something positive may happen. I was skeptical when I first heard of the idea due to the relatively small footprint. But if a NYC developer can build an 82 story/1400 ft condo tower that is only 60 ft wide at it's base I guess a 20 floor structure on a wider parcel can work for Portland.
 
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