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W W W. M A I N E B I Z . B I Z 19 F E B R UA R Y 7 , 2 0 2 2 F O C U S C O M M E R C I A L D E V E L O P M E N T "ere's insidious issues playing out in the coastal marketplace," Don Perkins, president and CEO of the Gulf of Maine Research Institute. "ere will be increasing pressure on the waterfront. e valuation of Portland's working waterfront will increase. e price is only headed in one direction." GMRI first got connected to the Union Wharf when a leader in the fishing community came to the non- profit in February 2021 to alert them that the historic 1793 wharf would change hands from the Poole family. GMRI already owned Wright's Wharf, a neighbor to Union Wharf. "We understand what a working wharf is, what it takes to build on sediment before you get to bedrock. We understand the wear and tear," Perkins says. After studying Union Wharf and talking to people in the community and on the harbor, Perkins says he realized no one else in the maritime industry was going to buy it. One pro- spective buyer from New York "was a caricature of who you'd rather not see take control of the waterfront," Perkins says. "Union Wharf is the centerpiece of the Portland waterfront. It's the firewall between tourism development on the Eastern waterfront and the working waterfront," Perkins says. "It's really criti- cal to protect it. e hope is that what we've done will cause people to think of other options to protect it." "Access to the waterfront is a finite resource that's always under real estate pressure. We can't create more once it's gone," Perkins says. Union Wharf was profitable with 17 building tenants and vessel tenants, on a diversified working waterfront real estate business, Perkins says. e nonprofit put together a mort- gage for 80% of the $12.35 million trans- action price and raised 20% from friendly donors offering low interest rates. "A lot of people lent their shoulder to making this complicated deal hap- pen," Perkins says. Perkins says working waterfront inter- ests need to balance growth of the aqua- culture industry with the lobster industry. en there are less visible but important uses such as tug boats, marine construc- tion, salvage companies, he says. "ere's a whole system of less visible but vital businesses that need working waterfront," Perkins says. "Fishing is always changing. e lobster industry quintupled from 1985 to 2015, going from 25 to 30 million pounds a year to over 100 million pounds a year. Ground fishing has gone the other way," Perkins says. "We think there's an emerging 21st century blue economy. If it doesn't have wharf infrastructure and working waterfront, it won't grow." Changes at a Yarmouth boatyard In Yarmouth, at the old Even Keel Boatyard, local sea farmers, dock and boat builders, land use specialists, neighbors and Coastal Enterprises Inc. worked with the Sea Meadow Marine Foundation to acquire and protect 12 acres of working waterfront. Sea Meadow, a nonprofit created to address the rapidly disappearing working waterfronts in Maine, closed on the prop- erty with a USDA Community Facilities loan from CEI and an operating grant from the Elmina B. Sewall Foundation. e grant and loan funds will also help support a business incubator and marine business hub for early-stage fisheries and sustainable aquaculture businesses. ere will also be space for marina services, the two preexisting boatbuilders and recreational use, including the Yarmouth Rowing Club. e current tenants sup- port 26 working waterfront jobs. "e working waterfront is a critical aspect of Maine's economy and environmental health. If the working Business Property and Liability Insurance Products Cyber and Data Breach Liability Insurance Employment Practices Liability Insurance, EPLI & Equipment and Mechanical Breakdown INSURING MAINE BUSINESS — INSURING MAINE PEOPLE We've been in business more than 140 years, and continue to innovate by providing you a portfolio that offers the kind of protection your business needs — today. Visit Patrons.com to find an independent agent near you. INNOVATIVE SOLUTIONS FOR TODAY'S BUSINESS CHALLENGES. CN Brown Company has a variety of rate plans that are suitable for the smallest businesses to the largest en es. Choose a plan based on your business's size and unique needs. cnbrownenergy.com Backed by superior service and reliability! > Electricity > Hea ng Oil > Kerosene > Propane > Natural Gas > Gasoline > Ultra-low Sulfur Diesel > Off-road Diesel Comprehensive energy op ons for your business C O N T I N U E D O N F O L L OW I N G PA G E » We expect that whatever we do will be controversial. We will try to find balance. We want new investment in Rockland somehow. Growth — it's essential. — Ed Glaser Rockland mayor

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