A Conversation with Shannon Richards, Incoming President of MEREDA
Incoming President of MEREDA Shannon Richards sits with current MEREDA President Craig Young and immediate past President Josh Fifield for the eighteenth episode of MEREDA Matters – the podcast that puts you in the room with the people who are driving responsible development in Maine.
Richards, who is the Founder of the design-build firm Hay Runner, shares the origin of her company, including the inspiration for its name. She goes on to talk about what it was like growing up in Castine, Maine and Jamestown, Rhode Island and why she feels that all of Maine is like an island community. Richards also discusses the importance of art in her life, how she does something creative everyday, and why she decided to build an art school with her partner, architect Caleb Johnson. The conversation also includes a discussion on Richards’s approach to running a successful business, which for her is about coming up with a plan and then showing up every single day.
The group goes on to reflect on their experiences working together on MEREDA events and what Richards’s goals are for the next two years as President.
The MEREDA Matters podcast is sponsored by NBT Bank and Landry French Construction. Additional sponsors include Bangor Savings Bank, Clark Insurance, A Marsh & McLennan Agency LLC Company, and The Boulos Company. A new episode will be released each month and each will feature new voices from the real estate and development industry.
The Maine Real Estate & Development Association (MEREDA), the state’s leading organization promoting responsible real estate development, honored projects from Portland to Bangor to Presque Isle, with each receiving special recognition at MEREDA’s 2024 Spring Conference on May 15th.
Each year, MEREDA recognizes some of the state’s most “noteworthy and significant” real estate projects, completed in the previous year. The exemplary projects from across the state, completed in 2023, not only embody MEREDA’s belief in responsible real estate development, but also exemplify best practices in the industry, contributing to Maine’s economic growth by significant investment of resources and job creation statewide.
Each of the seven projects was selected in part based upon criteria including: noteworthy and significant project completed* in 2023 (*Building Occupancy Permit issued by 12 31 23), environmental sustainability, economic impact, energy efficiency, social impact, uniqueness, difficulty of development and job creation.
The recipients of MEREDA’s Top 7 Most Notable Projects of 2023 include:
• University of Southern Maine Portland Commons Residence Hall and McGoldrick Center for Career & Student Success in Portland. These two facilities represent a massive transformation of USM’s Portland campus. The first-ever Portland residence hall will provide affordable housing for students in a market where inventory is low and expensive. The new student center incorporates cross-laminated timber columns to create a signature visual expression across the front facade. These new campus facilities represent the pinnacle of sustainability and embrace renewable low-carbon building technologies. Portland Commons is the second largest Passive House residence hall in the United States and is projected to use 50% less energy than a standard modern building. The McGoldrick Center, with its large-scale 33.3-kW rooftop photovoltaic array and passive solar heating, is pursuing LEED Gold certification. The construction project is the largest in the school’s history.
• Waterfront Concerts, LLC of Old Town completed their long-standing vision of developing a best-in-class amphitheater, with the Maine Savings Amphitheater being the largest and most modern music venue north of Boston. Bangor is now a premier concert destination for world class talent and amazing community events. Additions include ten corporate suites, five premium clubs, several ADA improvements, improved and expanded concessions, terraced Hussey Fusion seating with wider seats and aisles, two hundred and fifty-two new bathrooms, and a dedicated video screens and audio system for the lawn. The team used Maine-made products, contractors, and environmentally sustainable materials wherever they could to maximize the impact locally and to minimize its impact on the community and environment.
• Phoenix Flats in Portland is the first building in Maine to be constructed with the use of the newly created State Low Income Housing Tax Credit. The project is the result of a unique partnership between the City of Portland, MaineHousing, Portland Housing Authority, WNC, Bangor Savings Bank, and Community Housing of Maine, Inc. (CHOM), and was made possible by a long-term land lease from the City, and an additional land donation from Donald Sussman. Designed by CWS Architects, Thornton-Tomasetti, Bennet Engineering, Terradyn Consultants, and built by AlliedCook Construction, Phoenix Flats is Passive House Certified, and its design is the embodiment of all CHOM has learned about good design, energy efficiency, and thermal comfort. This development combines both affordable residential apartments and first-class commercial space into one building in downtown Portland. Beyond adding critical affordable housing, it is a blended Housing First development, discreetly housing people who are chronically homeless. What was once a city owned parking lot is now a beautiful building contributing to the social and economic goals of the City of Portland and the State of Maine.
• The City of Portland’s Homeless Services Center in Portland, also known as the “HSC” is Maine’s largest homeless shelter and is unparalleled in its provision of dignified living spaces and on-site wraparound support services. The HSC was thoughtfully designed and constructed specifically to serve the unhoused based on input from those experiencing homelessness. It includes 208 beds between separate men’s and women’s dormitories, a commercial kitchen and dining area, bathrooms with private showers, offices for service providers, an on-site health clinic run by Greater Portland Health, and an outdoor recreation area with garden beds. A result of many years of visioning and planning, the City of Portland selected Developers Collaborative to develop the shelter and lease it back to the City. Winton Scott Architects designed the building and Cianbro served as construction manager. The HSC utilized a pre-engineered Murox building system, concrete floors, and minimal finishes. The result is a LEED Gold-certified building that is durable, functional, comfortable, and humane. HSC operations are free of fossil fuels, powered instead by a solar array installed on the building’s roof. Heating, cooling, and hot water are entirely electric, and the building features a highly efficient variable refrigerant flow system.
• The Northeastland Hotel project in Presque Isle is noteworthy for its groundbreaking approach to community development, where a nonprofit partnered with the private sector to drive economic growth and create new opportunities in Presque Isle. Ignite PI reimagined the Northeastland Hotel as a dynamic hub for innovation and economic growth. Haley Ward, served as the Lead Designer and Architect of Record, and played a pivotal role in this endeavor, collaborating with Bowerbird Design Collective as the Interior Designer and Nickerson & O’Day, Inc. as the Construction Manager. The completion of Phase I in March 2023 marked a significant milestone for the renovation of over 8,900 square feet of space within the hotel. The repurposed Northeastland Hotel houses a coworking Innovation Center and revitalized common areas, including the restaurant, lobby, and staff rooms. This multifaceted approach not only modernizes the hotel but also transforms it into a vibrant space that fosters collaboration, entrepreneurship, and community engagement. The project highlights how a collaborative, forward-thinking approach can transform a community and its historical landmarks.
• Johnson Hall Redevelopment, LLC, redeveloped Maine’s oldest Opera Theater. Johnson Hall Opera House in Gardiner, the three-story brick Italianate building is a significant feature of Gardiner’s Historic District with a fascinating history spanning over 150 years. The building received both interior and exterior renovations to all three floors with an installation of a new balcony. It was constructed in conformance with historic standards as set forth by the National Park Service, Maine Historical Preservation Commission standards and Gardiner Historical Society requirements. Today the building features a 400-seat theater with state-of-the-art sound, lighting and projection equipment; a gracious lobby and concession area; and a green room for performers on the second floor; an expanded foyer and full-service box office on the ground floor; a renovated 100-seat theater on the lower level; and ADA compliant access throughout all floors with ramps, an elevator and a stage lift. During pre-construction and construction, over 37 consultants and businesses combined were engaged in the project. Johnson Hall Opera House is now an anchor to downtown hospitality businesses and an engine of economic opportunity. It will promote, create, and inspire artistic excellence through the presentation of world class entertainment and professional performing arts education to the Kennebec Valley.
• Reveler Development’s The Armature at Hanover Works in Portland is Portland’s first and only lifestyle apartment complex. The mixed-use property opened for occupancy in November 2023 and is located in Portland’s rapidly emerging West Bayside neighborhood, featuring 171 residential units, 10% of which is workforce housing, with integrated parking and 6,400 SF of commercial space. The Armature provides much-needed housing while also transforming the building’s ground floor into a retail and dining hub within West Bayside. Once a mechanical garage and surface parking lot for Portland’s fleet of public works vehicles, the industrial history of the site inspired The Armature’s name and branding. A ground-up construction project, The Armature required an intensive construction timeline and was made possible by a collaborative effort with its project partners, including Penobscot General Contractors, Acorn Engineering, and Reveler’s in-house construction team. The space was designed by Boston-based architecture firm Cube3. On the ground floor, The Armature’s four commercial spaces will connect with local businesses along 82 Hanover Street, forming Hanover Works and fostering an indoor-outdoor neighborhood hub.
MEREDA congratulates its 2023 Notable Project Award Recipients and thanks its Membership for their continued commitment to responsible development in Maine. Each project will be recognized in the Maine Real Estate Insider e-newsletter published by Mainebiz, running Summer of 2024.
For more information on these impressive projects, please click here.
On Wednesday, May 15th, the Maine Real Estate & Development Association (MEREDA) hosted its annual Spring Conference where close to 300 real estate professionals gathered at the Holiday Inn By the Bay to discuss designing development solutions that align with Maine’s needs for the future. Housing creation is one of Maine’s most significant needs and MEREDA’s event provided an opportunity for industry professionals to hear different perspectives from local, regional, and national experts on this important and complex issue.
“Our Spring Conference is a time to look ahead at Maine’s future. There is a critical need for more housing in our state and we need more developers to be involved in creative housing creation,” shared MEREDA President Craig Young. “It can be difficult to pencil out deals for these types of projects, which is why we organized this conference. There are opportunities, like historic tax credits and smart growth design, that can facilitate more projects coming together that will enrich our communities and meet the needs of our state.”
The event kicked off with a presenter who provided a national perspective, Jonathan Tate, an award-winning architect from New Orleans. Tate’s international practice is centered around housing development and planning in both rural and urban communities. His creative land use opens up opportunities for density, sustainability, and affordability in unique ways. “There are opportunities if you can imagine them,” he said. Tate shared several examples of his innovative work, including developing projects on small, non-conforming lots and working with a non-profit to build a reentry housing project for individuals exiting the incarceration system. Full of creative design and committed to building more housing, Tate’s work demonstrates how a closer relationship between architects and developers can enable more imaginative construction and problem-solving.
Tate’s presentation was followed by a panel discussion on leveraging historic tax credits for real estate growth. Panelists included Jonathan Culley, Principal at Redfern Properties; John Egan, Senior Program Officer for Strategic Initiatives at the Genesis Fund; and Nate Marcet, a CPA from Albin, Randall & Bennet. The panel was moderated by Marieke Thormann, Vice President of Development at Fathom Companies. The group explored the layers of complexity involved in using historic tax credits while also noting how they are an extremely powerful tool for revitalizing communities. Redfern’s recent transformation of the Mercy Hospital campus in Portland, which will add 171 housing units, provided an excellent example of how the historic tax credit can work.
The afternoon continued with an economic presentation from Kenneth J. Entenmann, the Chief Investment Officer and Chief Economist at NBT Bank. His macro economic discussion included in-depth examination of the definition of Gross Domestic Product (GDP) as a way to illustrate the economy’s strong environment, as well as discussions on the housing shortage and the federal debt. Playing with the idea of what “normal” is for the economy, Entenmann urged everyone to manage their expectations around interest rates, arguing that today’s rates are actually normal, while the low rates of the past few years were abnormal. Summing things up, Entenmann said, “The economy is not the greatest. It’s not the worst. But it is a great business environment.”
After a recognition of MEREDA’s 2023 Notable Project recipients, the conference concluded with a panel discussion on smart growth and urban development featuring Kevin Kraft and Nell Donaldson from the City of Portland and Tyler Norod, Development Director at Westbrook Development Corporation. The panel was moderated by Jonathan Tate. Kraft and Donaldson started the discussion by providing an overview of the City of Portland’s ReCode project to update and simplify Portland’s zoning and development ordinances. A large undertaking that came out of Portland’s 2017 comprehensive plan, the ReCode project has been working to get the public involved in the technical work of planning for the future of the city, as well as establishing goals for what future growth in the city should include. Kraft and Donaldson discussed Portland’s focus on developing complete neighborhoods that are walkable and bikeable, and establishing Transit-Oriented Development (TOD) zones to catalyze development along public transit routes. Embedded in the work of ReCode is the concept of smart growth and Norod provided a real-life example of how this approach can revitalize neighborhoods. Built through his work with Avesta, the West End Apartments in South Portland transformed a vacant lot into a mixed-use housing development that improved the neighborhood. With wider sidewalks and first-floor retail spaces, the project illustrates the importance of human-scale design for fostering connection. Norod, an affordable housing advocate, highlighted how affordable housing needs affordable land, which is tied directly to municipal infrastructure. He spoke about the need for more Maine communities to build more housing at a density that is appropriate for each community. “We need to think holistically about development. We need to plan well and design well. The table needs to be set.”
With our dire need for more housing, having creative solutions and a better understanding of the tools and mechanisms for making development deals work is essential for Maine’s future. MEREDA’s Spring Conference brought people together from across industries to learn about the opportunities for smart growth and responsible development so more projects that have goals aligned with the needs of our communities can be built.
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On February 29th, 2024, Peter Harrington of Malone Commercial Brokers presented “The Greater Portland retail forecast for 2024” at the Maine Real Estate & Development Association’s (MEREDA’s) 2024 Annual Forecast Conference. The following is an overview of what Harrington presented.
Looking back at 2023, the retail scene in the greater Portland area remained resilient though we did see a slight uptick in the overall vacancy rate from 4.23% to 4.33%. A large portion of the vacancies in the market can be attributed to a few spaces. In Portland, where the vacancy rate stood at 3.9%, lease rates displayed quite a range, spanning from $8 to $40 per s/f for triple net spaces and $25 to $35 per s/f for modified gross spaces. Notably, the Old Port, which can be difficult to track due to the number of retail spaces, showed a vacancy rate of around 2%, with lease rates ranging from $40 to $75 per s/f on a modified gross basis.
There weren’t as many retail buildings sold in 2023, but one notable transaction was the sale of the West Elm building on Middle St. for $5.2 million, which included approximately 3,700 s/f of unfinished space on the lower level.
Scarborough stood out with an impressively low vacancy rate of 0.9%. Scarborough also saw the opening of the first Costco in Maine. Additionally, the ongoing development of the town center at the Downs project promises an enticing blend of retail, dining options, and recreational facilities.
In South Portland, a 5.1% vacancy rate persisted, primarily attributed to the former Sears space. However, the Maine Mall managed to achieve pre-pandemic sales levels despite operating with reduced hours. New tenants such as Box Lunch, Peapod Jewelry, Carters, and Miniso added vibrancy to their retail landscape.
Westbrook had seemingly high vacancy rates at 14.7%, which is mostly due to the former Shaw’s vacancy. The Rock Row development has continued to captivate interest, buoyed by attractions like REI, Market Basket, Chick-fil-A, and Cowbell Rock Row. On the downtown front, Westbrook exhibited strong occupancy and ongoing residential expansions.
Meanwhile, Falmouth maintained a steady vacancy rate of approximately 2%, with ongoing construction at the shops at Falmouth Sq. — a 20,980 s/f retail space that has already secured substantial interest, alongside plans for upper-floor condos ranging from $550,000 to $1 million.
Southern Maine is still a strong destination for tourists as well as locals. We’re seeing tremendous demand for space on the peninsula in Portland. Madewell opened at 75 Market St. a little over a year ago, it’s one of the top stores they have. Construction is underway to convert former retail banking and office space at One Canal Plaza to high-end retail offerings.
There are two ongoing historic rehabilitation projects by East Brown Cow, which will help contribute to the vibrancy of retail offerings in the area. One is on the corner of Middle St. and Exchange St.; all retail spaces at this location have been leased. The other rehab is at 121 Middle St. Both will be stunning properties when completed. A few weeks ago, we orchestrated a lease with Free People at 121 Middle St., which will be their first store in Maine. A 2,470± s/f retail space still remains next to this exciting new tenant. We are continuing to see the best-of-breed retailers realizing the value of Portland and continuing to expand here, complementing the locally-owned, award-winning restaurants, shops, and breweries.
One potentially adverse factor that could impact retail in 2024 is that interest rates are still high. This could lead to a slowdown in some of the retail that’s directly related to housing in the U.S. Weather has been another factor. There have been major weather events coast to coast which have affected retail a little bit since the beginning of the year.
Despite these factors, we think 2024 will be another good year for retail. It’s, as always, based on the U.S. consumer. Due to the strong wage growth, and additional jobs being added, the U.S. economy continues to expand. Without new retail space being added, overall vacancy rates will remain low.
Retail is a sector that everyone thought would no longer be as viable with the onslaught of online shopping. This has proven to be incorrect. People are still going out and shopping in physical stores. I don’t see that trend ending in the U.S. anytime soon. Frankly, it’s what a lot of people like to do, it’s about the experience.
Mayor of Portland Mark Dion sits down with MEREDA President Craig Young and MEREDA Board Member and MaineHousing’s Senior Director of Government Relations and Communications Erik Jorgensen, for the seventeenth episode of MEREDA Matters – the podcast that puts you in the room with the people who are driving responsible development in Maine.
Dion, who grew up in Lewiston, discusses his life-long career in public service, which includes serving in the Portland Police Department for 20 years, then as Sheriff for 12 years, and as both a State Representative and Senator. Dion shares how Portland has changed since he first moved to town in 1972 to attend USM, remembering when Portland was just a “big fishing town” and sharing his experience as a beat cop in the Old Port. He goes on to discuss his decision to head to Augusta to serve in the House of Representatives and his work on the campaign to legalize medical marijuana in Maine. The conversation continues as Dion talks about his agenda and priorities for Portland and shares that he’s friends with people who have opposing views as him on the City Council.
The group goes on to discuss the complex situation of the unhoused population in Portland, the dire need for affordable housing, and the problem with deciding policy by referendum.
The MEREDA Matters podcast is sponsored by NBT Bank and Landry French Construction. Additional sponsors include Bangor Savings Bank, Clark Insurance, A Marsh & McLennan Agency LLC Company, and The Boulos Company. A new episode will be released each month and each will feature new voices from the real estate and development industry.
June 5, 2024 – 8:30 – 10:00 AM Buffet Breakfast: 8:30-9:00 am Program: 9:00-10:00 am
In-Person – Pre-registration is required.
NEW LOCATION! McGoldrick Career & Student Success Center 35 Bedford Street, Portland, ME
Seating Capacity: 100 – We will not be able to accommodate walk-ins.
About the Event:
As we all know, the water levels in Maine aren’t the only things rising and we need to take action to build resilience in our communities. Businesses and individuals are all affected and it is becoming increasingly important to take action at the local level and address the impacts of climate change on our water resources, infrastructure, and communities.
During this event, we’ll be discussing the various challenges and opportunities that arise when building in a changing climate. From rising sea levels to extreme weather events, we’ll explore how we can adapt and build resilience in our communities. Join us on June 5th for an engaging and informative discussion on climate resiliency. We can’t wait to see you there! Refund Policy: Your RSVP is requested by May 29. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after May 29.
Ticket Prices: Members: $45 each | Non-Members: $55 each Prices increase by $10 after May 29.
EVENT PARKING: Everyone that parks on the USM Campus in the Bedford Street Garage has to use the digital parking system. You can pre-register for your parking session or do it upon arrival. To avoid a parking citation, you must begin your digital parking session – and pay – within 10 minutes of parking. You can also pre-schedule your session. Click Here to Download the Event Parking Instructions.
By purchasing these tickets, you confirm that you have read and understand the Event Parking information provided by the McGoldrick Career & Student Success Center above.
On May 15, 2024, the Maine Real Estate & Development Association (MEREDA) will host a conference that delves into upcoming changes that will impact every developer in Maine. With insightful presentations and multifaceted discussions, MEREDA’s Spring Conference brings together a line-up of national, regional, and local speakers and panelists to discuss how development projects can be feasible and contribute positively to evolving societal needs.
“Maine’s development landscape is changing,” says MEREDA President Craig Young. “We desperately need development projects that will provide solutions to the affordable housing crisis and climate change. It can be very challenging for developers to make the numbers work when penciling out those projects, but it is possible. Our Spring Conference brings together industry experts for a discussion on how to navigate the challenges of aligning development goals with projects that will create a brighter future for Maine. It will be a great opportunity to learn from people who are making responsible development happen in innovative and exciting ways.”
Kicking off the conference, MEREDA will host Jonathan Tate, an award-winning architect from New Orleans, who brings an international perspective on housing development and urban planning. The conference will also include an economic presentation from Kenneth J. Entenmann of NBT Bank. Rounding out the conference will be two engaging panel discussions on topics ranging from Historic Tax Credits to Portland’s ReCode. Panelists include Kevin Kraft and Nell Donaldson from the City of Portland; Nate Marcet, a CPA from Albin, Randall & Bennett; Jonathan Culley, Principal at Redfern Properties; Tyler Norod, Development Director at Westbrook Development Corporation; John Egan, Senior Program Officer for Strategic Initiatives at the Genesis Fund; and Jason Howe, Partner at Preti Flaherty.
MEREDA will also recognize its 2023 Notable Project recipients at the Spring Conference. The conference will be held at The Holiday Inn By the Bay from 1pm to 5pm on Wednesday, May 15. An application has been submitted for Continuing Education Credits. This event is sponsored by NBT Bank; Preti Flaherty; Mainebiz; Evernorth; Daigle Commercial Group; Sebago Technics; Albin, Randall & Bennett; Criterium Engineers; Efficiency Maine; Pierce Atwood; and SageStone.
Registration details can be found at www.mereda.org.
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By Chris Paszyc, CCIM, SIOR | The Boulos Company – Partner, Broker
On February 29th Chris Paszyc participated on the “Regional Outlook” Panel at the Maine Real Estate & Development Association’s (MEREDA’s) 2024 Annual Forecast Conference. Below is a recap from his presentation.
AUGUSTA
The office market in Augusta has proved to be resilient and often surprising, bucking regional and national trends. Office leasing and sales have held up well despite the work-from-home movement. Furthermore, rents have seen an uptick in the past 12-18 months. Augusta also had one of the largest investment sales to occur in Maine at Central Maine Commerce Center, which sold for $18.5 million in 2023.
On the residential front, Augusta’s City Council has a stated goal to encourage new and varied types of housing development. This has led to a variety of single-and-multifamily project to be permitted. However, many of them have yet to be constructed. Given the difficulty and costs associated with debt, equity and construction pricing juxtaposed with market rents, it may be a while before we see shovels in the ground. The leadership at Augusta also want to see industrial development, as their vacancy rate is practically zero. Again, given the high costs of new development versus market rents, it will be difficult to move new developments forward.
WATERVILLE
Waterville continues to excite! According to a recent tally by the Central Maine Growth Council, downtown initiatives investment now total over $100 million. Some exciting projects on the slate for 2024-2025 include the Head of Falls Village on Front Street, spearheaded by a partnership of Todd Alexander at Renewal Housing and Josh Benthien at Northland. This is the new 63 units planned, with a project budget of $36 million. Demo and site remediation to start Spring 2024. In addition, North River has 145 new units planned at Lockwood Mills – 65 units of workforce and market rate in Phase 1, with 80 more planned in Phase 2. There’s also 120,000 sf of new industrial planned for the new Trafton Rd exit, a new Reny’s and a new $60 million performing arts center at Colby.
LEWISTON/AUBURN
In Lewiston/Auburn, there’s demand for housing – a market study states there is demand for 2,600 new market rate units, with downtown capturing 560 of those units. There are numerous housing projects in various stages of development:
Jason Levesque and Joe Mannisto have 320 units with approvals near Central Maine Medical Center in Lewiston
The Residences at Great Falls on the Androscoggin have 244 units approved
Dave Gendron has site plan approval for over 200 units in Lewiston, and John Gendron has 96 now permitted, with plans for over 1,100 in Auburn
In all, Auburn as 475 new units in the pipeline for since 2020
However, the office market outlook for L/A is uncertain. There are a number large office buildings currently not utilized. In all, we estimate over 700,000 sf currently sitting idle or underutilized. The alternatives are industrial conversion, housing or retail. Or smaller subdivided office, just not likely with the existing tenants.
Industrial continues to dominate with very little functional vacancy. Dave Gendron has started construction on another spec multi-tenanted flex industrial building in Auburn and permitting another in Lewiston after recently filling the last remaining vacancy.
In conclusion, Auburn is vying to become one of Maine’s federally designated Tech Hubs for advancement of innovative forest bioproducts with a large industrial project in the works around Exit 75. That will be making headlines in 2024.
THE “DARK HORSE”
My “dark horse” bet for 2024 is the Jay Paper Mill redevelopment. Developers are going thru SLODA to subdivide the land and buildings to make available for lease and purchase opportunities. They’re also going thru with a gas turbine and solar facility taking advantage of the 150MW interconnect. Recently, they announced a deal to sell a 60-acre parcel to construct a 300,000 sf plant that will manufacture oriented stand board (OSB). However, it’s just the start for this 1,000 acre site with 900,000 sf of existing high-bay industrial space.
In summary, Central Maine remains an integral component of Maine’s commercial real estate landscape.
On May 15, 2024, the Maine Real Estate & Development Association (MEREDA) will host a conference that delves into upcoming changes that will impact every developer in Maine. With insightful presentations and multifaceted discussions, MEREDA’s Spring Conference brings together a line-up of national, regional, and local speakers and panelists to discuss how development projects can be feasible and contribute positively to evolving societal needs.
“Maine’s development landscape is changing,” says MEREDA President Craig Young. “We desperately need development projects that will provide solutions to the affordable housing crisis and climate change. It can be very challenging for developers to make the numbers work when penciling out those projects, but it is possible. Our Spring Conference brings together industry experts for a discussion on how to navigate the challenges of aligning development goals with projects that will create a brighter future for Maine. It will be a great opportunity to learn from people who are making responsible development happen in innovative and exciting ways.”
Kicking off the conference, MEREDA will host Jonathan Tate, an award-winning architect from New Orleans, who brings an international perspective on housing development and urban planning. The conference will also include an economic presentation from Kenneth J. Entenmann of NBT Bank. Rounding out the conference will be two engaging panel discussions on topics ranging from Historic Tax Credits to Portland’s ReCode. Panelists include Kevin Kraft and Nell Donaldson from the City of Portland; Nate Marcet, a CPA from Albin, Randall & Bennett; Jonathan Culley, Principal at Redfern Properties; Tyler Norod, Development Director at Westbrook Development Corporation; John Egan, Senior Program Officer for Strategic Initiatives at the Genesis Fund; and Jason Howe, Partner at Preti Flaherty.
MEREDA will also recognize its 2023 Notable Project recipients at the Spring Conference. According to MEREDA’s Executive Director, Shelly Clark, the conference will be held at The Holiday Inn By the Bay from 1pm to 5pm on Wednesday, May 15. An application has been submitted for Continuing Education Credits. This event is sponsored by NBT Bank; Preti Flaherty; Mainebiz; Evernorth; Daigle Commercial Group; Sebago Technics; Albin, Randall & Bennett; Criterium Engineers; Efficiency Maine; SageStone; and Pierce Atwood. Registration details can be found here.
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A Conversation with Nate Green & Chris Marshall of GreenMars
The founders of GreenMars – Nate Green, Lead Developer, and Chris Marshall, Business Manager – sit down with MEREDA President Craig Young and MEREDA Board Member Josh Soley, for the sixteenth episode of MEREDA Matters – the podcast that puts you in the room with the people who are driving responsible development in Maine.
Green and Marshall discuss how they search for development opportunities by reviewing town’s comprehensive plans and give an overview of one of their projects in Brunswick that is in a “designated growth zone.” The pair, who both grew up in York and met in preschool, talk about how their partnership started after their early career paths took them in different directions. The group discusses the learning curve for getting involved in development work, the biggest risks GreenMars has faced thus far, and the importance of relationship building. Green and Marshall go on to provide an overview of their other development projects including Yarmouth Commons in Yarmouth, Nasson in the Pines in Sanford, and the Time & Temperature Building in Portland. The Time & Temperature Building will feature affordable micro-unit apartments and expansive amenities such as a co-working space and roof-top deck, a trend that is taking off in other urban areas in the country.
Asked to give advice to other young developers, Green and Marshall cite persistence and a bias toward action as fundamental. What Portland restaurant is a go-to for Nate and Chris? Listen to the episode to find out!
The MEREDA Matters podcast is sponsored by NBT Bank and Landry French Construction. Additional sponsors include Bangor Savings Bank, Clark Insurance, A Marsh & McLennan Agency LLC Company, and The Boulos Company. A new episode will be released each month and each will feature new voices from the real estate and development industry.
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