Mainebiz

V O L . X X V N O. I JA N UA R Y 7 , 2 0 1 9 6 longest period on record, according to the Maine Department of Labor. Elsewhere in New England, estimated unemploy- ment rates for November were 2.5% in New Hampshire, 2.7% in Vermont, 3.5% in Massachusetts, 3.8% in Rhode Island and 4.1% in Connecticut. New England's average unemployment rate estimate for the month was 3.5%. e U.S. pre- liminary unemployment rate of 3.7% for November was unchanged from October and down from 4.1% a year ago. Audit: Extreme cold to blame for high CMP bills An independent audit of Central Maine Power's metering and billing systems concludes that the large number of complaints regarding high bills and bill- ing errors reported by CMP customers last winter were due to extreme cold and not due to the utility's meters or a billing system introduced in late 2017. Maine Public Utilities Commission released the 127-page report, which was done by Liberty Consulting Group. e audit was undertaken as a result of a large number of complaints PUC received regarding high bills and billing errors reported by CMP customers. In its audit, Liberty examined the accuracy of CMP's meters, whether the billing sys- tem produced timely and accurate bills, if the new billing system was imple- mented effectively, and if CMP has been responsive and effective in address- ing customer complaints and inquiries. N O T E W O R T H Y S T A T E W I D E Gov. Janet Mills named Heather Johnson as the state's top economic de- velopment official. If confirmed, Johnson would serve as the next commissioner of the Department of Economic and Community Development. Johnson, who grew up in Skowhegan, is currently direc- tor of the ConnectME Authority, the state agency tasked with bringing broadband to all Maine households and businesses. Stantec lands $35M contract for shipyard upgrades Stantec (NYSE: STN), a global design firm with offices in Topsham and Scarborough, received a $35 million con- tract to plan and create the preliminary design of a multi-mission dry dock and Minimum wage raised to $11 an hour Maine's minimum wage went up from $10 an hour to $11 on Jan. 1, as yearly increases approved by voters in 2016 continue. Maine is among the 22 states and Washington, D.C., that have increased the effective minimum wage since January 2014, according to the Economic Policy Institute, a Washington-based nonprofit. e fed- eral minimum wage has not changed since 2009, when it was increased from $6.55 an hour to $7.25 an hour. In November 2016, Maine voters approved a ballot measure that increased it from $7.50 an hour to $9, along with increases of $1 every year through Jan. 20, 2020, when it will go up to $12 an hour. Beginning on Jan. 1, 2021, minimum wage increases will be tied to inflation. Maine unemployment rate unchanged at 3.4% Maine's seasonally adjusted unem- ployment rate held steady at 3.4% in November, unchanged from October and up from 3.1% a year earlier, accord- ing to preliminary data released on Dec. 21. at means that jobless rate has been below 4.0% for 36 straight months, the 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 S O U T H E R N New owner of Dana Warp Mill plans to bolster occupancy rate B y L A U R I E S C H R E I B E R W E S T B R O O K — Dana Warp Mill, a 246,108-square-foot commercial property overlooking the Presumpscot River, has sold for $5.15 million. The buyer is Chinburg Properties, of Newmarket, N.H., and the seller is DWM LLC, controlled by Peter Cook. Nate Stevens and Jon Rizzo of Boulos Co. brokered the deal, which closed Dec. 14. The mill, parts of which date to the mid-1800s, gets its name from Woodbury K. Dana, who manufactured cotton warp at the site. The seller, Peter Cook, is the son of Aleksandar Cook, who in 2011 purchased the $4.8 million loan on the redeveloped mill building from Bank of America after the mill's previous owner, Tim Flannery of Flannery Properties, defaulted on the mortgage. Flannery had bought the property in 1997 and added a multi-use office building. At the time Cook bought it, the mill was 70% occupied, with 40 tenants. The Cook family made major improvements, including a new roof and an updated heating system. The property includes 90 parking spaces, plus some commercial spaces. Stevens said Cook decided it was the right time to sell the mill, which was never formally on the market. Boulos spoke with three potential buyers. "It's a wonderful asset for downtown Westbrook," Stevens said. "The Dana Warp Mill is a fabulous building — you have a great mix of tenants. But it really takes some understand- ing to know how to manage all of those tenants and how to maintain a historic building." Eric Chinburg, Chinburg Properties president and CEO, told Mainebiz he's redeveloped over a dozen historic mills. "That's our niche," he said. "It's a beautiful property." Interest has been brewing Chinburg first looked at the Dana Warp Mill a year ago. At that time, Cook wasn't ready to sell. With the deal now completed, Chinburg plans to continue making improvements and adding commercial and, possibly, residential tenants. Occupancy is still at 70%. "Our experience has shown that, when there are park- ing constraints, as there is with this property, you can add residential uses without impacting parking because, typi- cally, residents use parking space at different hours than commercial tenants do. So our goal is to cherish the exist- ing tenants and to try to get the building fully occupied by adding residential tenants use over time," Chinburg said. "If it were 100% full and we could work out the parking concerns, we wouldn't need to add residential," he added. "We like having mixed uses. It makes it a dynamic part of the community, where there are people who are living and working. But it's not a requirement. As we become more knowledgeable of the property and our tenants, we'll evolve to getting the building full. Whether that's with more com- mercial or residential is to be determined." In addition to mill redevelopment, Chinburg does single- family home development. Chinburg was founded in 1987 as Chinburg Builders. It's grown from a small family business to the largest builder of homes in the Seacoast region. It's had four mill projects in 2018, with an estimated 300 busi- nesses operating out of the company's overall mill portfolio. Chinburg's first mill redevelopment was in 1996, at 1001 Islington St. in Portsmouth. That property, now called Millport, was redeveloped into apartments. B R I E F TOP: Chinburg Properties purchased the Dana Warp Mill with further development in mind for residential or commercial use. BOTTOM: An interior view of a suite in Dana Warp Mill, which is 70% occupied. P H O T O S / C O U R T E S Y O F T H E BO U L O S C O.

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