Mainebiz

V O L . X X I V N O. X X V I N OV E M B E R 1 2 , 2 0 1 8 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E MAINE EMPLOYERS TO RECEIVE $22 MILLION IN MEMIC DIVIDENDS The Largest Dividend in MEMIC's 25-Year History "This is our favorite time of the year as it celebrates a lot of hard work by employers and employees who work safely and get those who are injured back to work." — MEMIC President and CEO Michael Bourque WWW.MEMIC.COM/DIVIDEND With financing deal, Thompson's Point takes over adjacent property B y M a i n e b i z S t a f f PORTLAND — Thompson's Point developers have com- pleted a complex financing effort to relocate the adja- cent Suburban Propane to Riverside Street in Portland. The Oct. 26 closing concludes a process that began in 2010 and involved the subdivision, permitting and purchase of a city-owned parcel at 636 Riverside St. in Portland earlier this summer, together with the acquisition of Suburban's 3-acre parcel, which sits between the Thompson's Point complex and the Portland Transportation Center. The additional space will allow Thompson's Point to redevelop the parcel and integrate it into the master development plan. Thompson's Point's developers are Chris Thompson and Jed Troubh. "We have been working with Suburban Propane, as well as the city of Portland, on this relocation since 2010," Troubh said in a news release. "Suburban and the city have been great partners in this effort and we are excited to have reached this point that we've all worked so hard to get to for all of these years." Suburban's Riverside facility will be comprised of a new office building, garage building and storage building, and will be completed in summer 2019. After Suburban takes occupancy of its new space, Thompson and Troubh will demolish the existing build- ings at Thompson's Point, with the exception of a historic brick building that will be renovated. The building that Suburban has occupied was the Maine Central Railroad's office building. "We plan to renovate the building for an office ten- ant, and have immediate plans to construct a mixed- use building adjacent to it, which will accommodate expansion space for one of our tenants, together with several floors of office space with shared amenities, additional parking, and future development pads," Thompson said. The master plan calls for the development of addi- tional buildings on this parcel, including office and residential, together with a parking garage. Bangor Savings Bank is the lender for the project. Since Thompson and Troubh began their redevelop- ment efforts in 2009, the 30-acre Thompson's Point property has evolved from a derelict railroad yard into an attraction. Thompson's Point is home to an 8,000-person summer concert venue in partnership with the State Theatre. The Brick North building is home to Big Room Studios, Bissell Brothers, Cellardoor Winery, Color Me Mine, Halo at the Point, the International Cryptozoology Museum, Locally Sauced and Stroudwater Distillery. There's also the Brick South event venue, which can accommodate up to 2,500 people, and a seasonal outdoor ice skating facility. Looking ahead, the Children's Museum and Theatre of Maine plans a move to a newly constructed building at Thompson's Point by 2020. There are also plans for a boutique hotel, the 148- room Hotel Portland. B R I E F P H O T O / P E T E R VA N A L L E N Thompson's Point developers have completed a complex financing effort to relocate the adjacent Suburban Propane to Riverside Street in Portland, freeing up a key 3-acre parcel.

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