Mainebiz

V O L . X X I X N O. X V I J U LY 2 4 , 2 0 2 3 20 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G F O C U S While the $4,495 monthly rent for the two-bed- room, two-bath unit may not suit all budgets, she says that having the option to rent one space in which to live and conduct business rather than renting two spaces (residential and commercial) is an attractive alternative for small business owners. "It's not for everybody, but the Portland market is unique because there is such demand," she says, pre- dicting the office-conversion trend to continue. "With less people returning to the office, landlords have been rethinking and repurposing vacant space." at's the case for Tim Soley, president and CEO of East Brown Cow, the Portland-based real estate, management and investment company behind the growing Docent's Collection of high-end rental apartments in historic Old Port buildings that once housed offices. "We're restoring buildings to their 19th-century splendor with 21st-century infrastructure," says Soley, the company's president and CEO. When picking suitable properties, he says, "it has to be buildings that are in the middle of things and have the right geome- try for hospitality." Rectangular buildings, for example, are ideal for double corridors. One downside, however, even with historic tax credits to offset costs: "Doing high-quality construction is not cheap." Fork Food bulks up In the light-industrial property niche, Fork Food Lab's path to bigger space after outgrowing its West Bayside hub is another illustration of the real estate conversion trend. Initially seeking a building between 10,000 and 15,000 square feet, the nonprofit shared commercial kitchen and business incubator realized by summer 2021 that it would need between 18,000 and 25,000 square feet. S P O N S O R E D B Y FOLLOW US @MBEVENTS #MBWTW23 Mainebiz will be recognizing top-notch women executives, women whose daily work strengthens their organizations and by extension, Maine's economy. At this year's reception, enjoy appetizers and cash bars all while making new connections with Maine's business community, Women to Watch Alumni, and the 2023 honorees. SEP TEMBER 13 5:00–7:00pm Halo At The Point, 20 Van Aken Way, Portland HELP US SHOWCASE AND HONOR MAINE'S WOMEN LEADERS AT THE MAINEBIZ WOMEN TO WATCH RECEPTION. REGISTER TODAY: MAINEBIZ.BIZ/WTW23 Celebrating 15 years of recognizing outstanding women in business! » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / C O U R T E S Y O F E A S T B ROW N C OW Tim Soley, president and CEO of East Brown Cow We're restoring buildings to their 19th-century splendor with 21st-century infrastructure. — Tim Soley East Brown Cow

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