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V O L . X X X N O. I I I F E B R UA R Y 5 , 2 0 2 4 14 C O M M E R C I A L D E V E L O P M E N T F O C U S the Canopy by another foot, zoning rules at the time of construction prevented him from doing so. "We've had flooding issues at the Canopy, but more so from the backup of the sewer system rather than water infiltrating the doors from serious rainfall." He's well-versed in building on low-lying land, hav- ing developed two Starwood Hotels along the canals of Venice, Italy, where he installed water infiltration technologies in underground trenches. "e lowest level was virtually a bathtub at acqua alta," the city's notorious high tide. As for Portland, "I don't think we're going to become another Venice," Brady says. "We've got much bigger issues in other areas of the state." Two riverfront cities In Augusta where the Dec. 18 storm pushed flood- ing to the highest level since 1987, the city is seeking to raise the level of Front Street along the Kennebec River and a parking area by an average of four feet above the current floodway via a $4 million project that's awaiting the green light for federal funding. e aim is to reduce the frequency of closures caused by flooding from once a year to once every two to three years. Adding a pedestrian deck on Water Street and improving downtown sidewalks and pedestrian amenities are also under consider- ation, though extreme weather events would still require closing Front Street and adjacent lots since the area above the historic high-water mark would not be raised. » C O N T I N U E D F RO M P R E V I O U S PA G E Rising flood insurance rates A s weather events become more common and severe, the costs of flood insurance are expected to rise everywhere. "Prior to 2023, flood insurance rates were the same throughout the country, regardless of risk," says Timothy McGonagle, a partner and senior vice president at United Insurance, a Portland-based agency that writes policies for Maine-headquartered businesses in 28 states. "With so many weather events last year, that's changing so that businesses and homes located close to the water and/or with a history of flooding will be paying more," he says. McGonagle's advice to anyone looking to buy water- front land in Maine today on which to build, is to contact their insurance agent as early as possible, saying, "The days of calling your agent at the end of the buy- ing process to simply put coverage in place are over. "Looking ahead," he adds, "we expect Maine to be like Cape Cod, where annual flood insurance premiums are disclosed in real estate listings so prospective buyers can factor them into the cost of ownership." As United Insurance agents educate clients on their options, it is generally only property owners who are required by loan terms that purchase flood insurance, he says. "The reason most decline flood insurance, is they consider it an unnecessary expense and not a potential risk that justifies the additional premium," he notes. S O U R C E : City of Augusta AUGUSTA MAINE FLOOD EVENTS, 2000–23 30' 25' 20' 15' 10' 5' 0 Gage Height Action Stage Flood Stage Proposed Flood Stage (I NC R EAS E TO 1 4 FT. ) (I NC R EAS E TO 1 4 FT. ) 2000 2007 2008 2009 2011 2014 2017 2019 2020 2023

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