Mainebiz

W W W. M A I N E B I Z . B I Z 11 A U G U S T 8 , 2 0 2 2 board approves the plan, Kingfish is expected to build a 500,000-square- foot facility and hire 70 to 100 people through a phased build-out. "When we chose the Jonesport site, we spent significant time getting to know the community and making certain we were welcome," Ohad Maiman, CEO of the Kingfish Co., said. "is vote confirms that we have made the right choice." e moratorium would have imposed a 180-day prohibition, extend- able by successive 180-day periods, on aquaculture development and process- ing applications within the town. N O T E W O R T H Y M I D C O A S T & D O W N E A S T Bar Harbor Bank & Trust awarded a total of $15,000 in scholarships to 15 high school graduates in Maine, New Hampshire and Vermont as part of its 2022 Career Technology Education Scholarship. The Maine Community Foundation in Ellsworth awarded $174,000 in grants from its Frances Hollis Brain Foundation to 27 support organi- zations that offer early childhood, health, food security, legal and home- lessness services. To learn more about Efficiency Maine's programs and incentives, visit efficiencymaine.com/at-work or sign up for a free virtual customer consultation: www.efficiencymaine.com/ business-customer-consultation Enhanced Incentives for Hospitality Businesses Meghan Black, owner of Humble Comfort Food and Spirits in Brewer, worked with Efficiency Maine to install two heat pumps and upgrade from fluorescent lighting to LEDs. With the upgrades, the business has reduced energy costs by more than $1,700 a year. "The restaurant is much brighter and warmer since the new lighting was installed," said restaurant owner, Meghan Black. "I have definitely seen a decrease in my electricity bill since the new lights went in. It was a hard year at the restaurant, and the lights and the heat pump made me excited to get back to work." B I Z M O N E Y With fewer barriers, Lewiston and Auburn are attracting housing investment B y L a u r i e S c h r e i b e r I nvestors who might have overlooked Lewiston/Auburn for multifamily development opportunities are beginning to look at the market with fresh eyes, according to a new report by Noah Stebbins, an associate broker with the Boulos Co. Increasing demand in the apartment rental market has benefited multifamily owners by driving up valuations through increased rents as prospective homebuyers get squeezed out of the housing market, he said. "Lewiston/Auburn is no exception to these market condi- tions," said Stebbins, who cited Vitalius Real Estate Group's 2022 "Multifamily Forecast for Southern Maine." The Vitalius analysis found that L/A has had 25% rent increases over the last couple of years, while multifamily sale prices increased by nearly 35% from 2020-21. At the same time, investors have been stymied by regula- tions and growth limitations in some southern Maine spots. Portland's inclusionary zoning provision and stricter rent control measures have frustrated housing developers, "lead- ing to higher price points, fewer buyers, and less affordable residential housing," Stebbins wrote. "Further down the coast," he added, "Kittery officials blocked a proposed $300 million housing development ear- lier in July. The Dennett Landing development would have brought 900 new housing units with 10% of the units being classified as affordable housing along with over $3 million a year in tax revenue to the town." Fewer barriers in L/A Investors have taken note of the affordability of Lewiston and Auburn combined with having fewer barriers to development. Compared with NIMBY cities and towns across the state and the country, the city of Auburn has taken a YIMBY approach. "Auburn has goals to increase its population by more than a quarter over the next few years while they construct 2,000 new housing units by 2025," he said. Construction projects in the works include single-family homes, duplexes and apartment projects. Auburn offers incentives aimed at increasing new housing developments. Portland's inclusionary zoning provision and stricter rent control measures have frustrated housing developers, redirecting investment to L/A.

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