Mainebiz

V O L . X X I V N O. X X S E P T E M B E R 1 7 , 2 0 1 8 6 Tariffs just one issue facing brewers A shortage of beer cans that has been in the making for a couple of years is being felt by some Maine brewers. Paul Lorrain of Funky Bow Brewery & Beer Co. in Lyman told the Forecaster his company has had difficulty obtain- ing 16-ounce cans and as a result twice shut down beer production this year. "When you can't move beer out of kegs into cans, it messes up the brew- ery schedule," he told the newspaper. Maine Brewers' Guild spokesperson Sean Sullivan told the newspaper the problem is due to vendor consolidation, aluminum prices, tariffs and logistics. e Washington, D.C.-based Beer Institute, which represents the $350 bil- lion beer industry of over 5,000 brewers, aluminum cans make up 62% of beer volume produced and sold in the U.S. e can shortage comes in the face of an expanding industry. According to the National Beer Wholesalers Association in Alexandria, Va., in 1983, there were 49 breweries. Some states now have more breweries than the entire country had in 1990. N O T E W O R T H Y S T A T E W I D E The U.S. Environmental Protection Agency awarded the state of Maine $23.5 million from the Clean Water and Drinking Water State Revolving Fund program to finance community- based water infrastructure projects, such as upgrades to municipal sew- age plants and public drinking water systems. Of the total funding, the Maine Department of Environmental Protection received $12.4 million for its Clean Water State Revolving Fund program and the Maine Department of Health and Human Services received $11.1 million for its Drinking Water State Revolving Fund program. U.S. Sen. Susan Collins said that six organizations in Maine will receive $1.1 million to support efforts to de- velop and preserve affordable housing and supportive services for persons with disabilities in Cumberland, Androscoggin, Sagadahoc and Kennebec counties. Portland Housing Authority will receive $297,135; Housing Authority of the city of Westbrook, $193,995; Lewiston Housing Authority, $166,956; Maine B U S I N E S S M A I N E Business news from around the state S T A T E W I D E Iconic Time & Temperature Building will be sold at auction B y L a u r i e S c h r e i b e r Portland — The historic Time & Temperature Building, built in 1924 near Monument Square in Portland, is headed for the auction block with a starting bid of $2.75 million. The building has a storied history, but has fallen on hard times of late, with a backlog of maintenance needs and occupancy at just 38%. The building has been in foreclosure. According to the offering notice on the RealINSIGHT Marketplace page of property owner CWCapital Asset Management, the sale is scheduled to start Oct. 9 at noon and end Oct. 11 at 12:50 p.m. The sale includes the Time and Temperature Building and Monument Square Parking Garage, at 477-481 Congress St., 22 Preble St. and 45 Brown St. Though the 14-story office building is due for an updat- ing, it's being touted for its central location. "The property's unparalleled location in the heart of Monument Square, steps away from the vibrant Old Port, coupled with a surge in Portland commercial real estate and favorable in place zoning, creates an exceptional opportunity," the notice says, adding the property is ideal for developers in search of the location, visibility and physical specifications needed to create a first-class development. Matthew Cardente, president of Cardente Real Estate in Portland, is the local broker handling the building's show- ings, which must be arranged by appointment or during the scheduled pre-auction showing dates. "It's a great opportunity for redevelopment," he told Mainebiz. "We've already had a substantial amount of inter- est from local and national investors." Some spaces on the first floor have great potential for being retail or food use, he said. "The building needs a strong investor/developer," Cardente said. A long history and a long to-do list The building has been an office building, but it is being marketed for possible conversion to residential use, hotel or even a mix of uses. Multifamily, office and hotel uses are allowed under current zoning, according to the auction notice, which added that the Portland region is experienc- ing an "unprecedented surge in demand for housing, both rental and for sale product." The notice also characterized the property as an excellent opportunity for a headquarters in the heart of downtown Portland. Historical features include a vintage bank clock, hand- painted ceilings, stained-glass windows, woodwork and a period brass mailbox. "It's one of the most well-known buildings in the Portland area and maybe even in southern Maine," Cardente said. "It's the most noticeable part of the Portland skyline. There's a lot of history in there. It's a primo location and, with the real estate market being so strong, I suspect there will be a strong local, regional or national developer who comes in and brings some life back to it." In November 2017, the Bangor Daily News reported that Portland officials informed the Maryland-based owner, CWCapital Asset Management, that the building failed a safety inspection, due to the lack of sprinklers and smoke detectors on many floors. The building "had been hemor- rhaging tenants and had fallen into disrepair even before it was foreclosed on last year," the newspaper reported. B R I E F P H O T O S / C O U R T E S Y R E A L I N S I G H T M A R K E T P L A C E The historic Time & Temperature Building, built in 1924 near Monument Square in Portland, is headed for the auction block, with a starting bid of $2.75 million. Interior views of the Time & Temperature Building in downtown Portland.

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