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W W W. M A I N E B I Z . B I Z 13 M AY 1 9 , 2 0 2 5 Straightforward application process-- Meet the requirements, you get the credit Maine Launches New Incentive Program. HOW IT WORKS As of January 1, 2025, Maine offers sector-targeted business credits equal to: 10% capital investment credit- including equipment, machinery, and building construction (5% in York, Cumberland, and Sagadahoc counties) $2,000 per worker provided an eligible training program, including approved private trainings Designed for simplicity: No time limit-- Credits are available every year a business has eligible investment and training, and there is no sunset ELIGIBILITY For profit businesses in Maine Agriculture, forestry and fishing Manufacturing Long-distance freight transportation Software publishing Data processing and computer design services Engineering, architecture, and scientific research and development services Eligible sectors: Limits: Credit capped at $2 million per business per year, can be taken over five years. Up to $500,000 of the credit would be refundable per year. GET IN TOUCH Contact: Shae McGehee Economic Development Incentives Manager DECDTaxIncentives@maine.gov 1-800-872-3838 Visit us at maine.gov/decd/business- development For-profit businesses only B R I E F Old Port proposal calls for what would be Maine's tallest building B y L a u r i e S c h r e i b e r A project that combines significant construction with revitalization that's already underway could lead to a changed skyline in Portland's Old Port neighborhood. Dubbed Old Port Square, the project is led by East Brown Cow and Safdie Architects. The four-acre site is bounded by Middle, Union, Exchange and Fore streets. East Brown Cow has acquired a number of build- ings in the area over the years and has completed renovations and repositioning of some, while projects remain underway on others. A major portion of the plan is a proposal to build two new structures, including a 30-story, 380-foot-tall residential and hospitality tower that will be higher than what is said to be Maine's current tallest structure. (At present, Maine's tallest building is the relatively new 201 Federal St., which is 18 stories.) The project is going through the city's major site plan approval process and there's no estimate of when it might be completed. The plan is still conceptual so there's no estimated project cost. At an announcement May 6, the principals said the project is envisioned as a comprehensive plan to create an "urban heart" that includes what is cur- rently known as the Canal Plaza. New identity The square would include retail, restaurants, hotels, residences, offices, parking and outdoor community spaces throughout. "This new identity, Old Port Square, simply puts a name to this district that is already vibrant, active and thriving," said Tim Soley, East Brown Cow's president. Established in 1989, East Brown Cow and its affili- ates comprise a real estate management, investment and development firm in the Old Port. Its portfolio has grown to over 20 assets in Greater Portland, including over a million square feet of office, retail, garage and hospitality assets. Safdie Architects is a Boston design studio founded by architect Moshe Safdie. "Designing a tower in a city that's generally low-rise, at the heart of downtown, we asked ourselves: what are the elements that are going to make this really belong to Portland?" said Safdie. "The project's breakthrough was the day we latched onto the idea that this is a beacon. It's a lighthouse in the tradition of the lighthouses of Portland, those slender, beautiful structures that rise out of the land or out of the water, that become icons in the landscape for good purpose." R E N D E R I N G / C O U R T E S Y S A F D I E A R C H I T E C T S The project's breakthrough was the day we latched onto the idea that this is a beacon. It's a lighthouse in the tradition of the lighthouses of Portland. — Moshe Safdie architect Pending approvals, construction on a 30-story residential and hospitality tower could start next year.

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