Mainebiz

W W W. M A I N E B I Z . B I Z 13 F E B R UA R Y 1 0 , 2 0 2 5 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 I nside the hulking white box of a building on the deep blue shores of Portland's western waterfront is a 106,000-square-foot logistics universe waiting to be filled. Weeks before the long-awaited opening of the $56 million Maine International Cold Storage Facility, workers in dark insulated suits are put- ting the finishing touches on the loading dock and in the supersized freezer. Floor- to-ceiling metal racks as far as the eye can see give the cavernous space a surreal feel, a bit like the warehouse at the end of the 1981 film "Raiders of the Lost Ark" except that the Portland site was still empty when Mainebiz toured it with the devel- oper ahead of the Feb. 3 opening. More than decade in the mak- ing, the Maine International Cold Storage Facility marks a new chapter for Portland — and Maine — just as the U.S. cold storage market is taking off. Over the next five years, analysts at San Francisco-based Grandview Research predict 16.3% compound annual growth in the U.S. cold storage market to $102.8 billion in revenue by 2030, amid increasing demand for fresh and frozen food products. e boom in online grocery shopping and a growing need for efficient supply chain manage- ment are contributing factors. While Portland is one of the smaller U.S. markets, it is poised to punch above its weight as a regional logistics hub for seafood, produce, food and beverage products and biopharmaceuticals that need to be stored and transported at super-cryo- genic temperatures. "It is more than just a cold storage facility," says Amir Mousavian, an associate dean and supply chain man- agement professor at the University of New England. "It has the potential to serve as a pivotal asset that will reshape Portland's economic land- scape, bolster its logistics and supply chain capabilities, and drive sustain- able growth for years to come." Economic impact In 2017, researchers at the University of Southern Maine estimated the long- term economic impact of a cold storage warehouse at up to $900 million. e port has gotten busier since then. Freight comes through the International Marine Terminal, which is anchored by Eimskip and handled a record 44,093 twenty-foot equivalent units — a measure of container capac- ity — in 2023. (See chart.) For the life you choose. 1.888.725.2207 norwaysavings.bank M E M B E R F D I C At Norway Savings Bank, business banking is more than lending and deposits. It transcends the transaction, becoming truly engaged in your business and success. Whether it's in the form of a loan or line of credit, programs that help you manage payment processing and cybersecurity, or just being there to listen and help answer questions—if it's important to you, it's important to us. Business banking that starts with you. Thompson's Point, Portland, ME C O N T I N U E D O N F O L L OW I N G PA G E » Project milestones 2014 MaineDOT buys land west of the Casco Bay Bridge from New Yard LLC for $8.5M 2015 Eimskip awarded building development rights; Americold selected to build facility 2017 Portland City Council approves zoning changes to appease West End residents 2018 Americold pulls out, citing estimated operating cost 2020 Site plan application from a new consortium gets Portland City Council green light 2022 Shovels go in the ground in August 2025 Construction completed in January and scheduled opening in February S O U R C E : Maine Port Authority FREIGHT VOLUME AT THE INT. MARINE TERMINAL, 2019–2024 TEU = 20-foot equivalent unit, a measure of container capacity. FU LL C ONTENTS ON PAGE 4 G L O B A L E C O N O M Y F O C U S G L O B A L E C O N O M Y F O C U S C O V E R / M AY 1 , 2 0 1 7 2019 2020 2021 2022 2023 2024 45K TEU 40K TEU 35K TEU 30K TEU 25K TEU 20K TEU 27,500 28,000 37,600 43,700 44,093 38,314

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