Mainebiz

V O L . X X X I N O. X V I J U LY 2 8 , 2 0 2 5 16 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 for lease at $18 per square foot and touted in the property brochure as move-in- ready in a "central downtown location." While that used to be a selling point, broker Tom Moulton says that's now debatable: "We have lowered the prices up to 25% in some cases but that has not helped as demand is soft." On a walking tour of the neighbor- hood, Moulton says the area was once known for outdoor concerts and cham- pagne-filled holiday festivities. Now he grumbles at the litter he sees along the way. "It is pretty unsettling to see the decline," he says. Another local broker, Peter Harrington of Malone Commercial Brokers, says, "I don't think there's a total perception that Congress Street is dead or never going to come back. It's just been beaten down a little bit." Harrington's offerings include a former corner cannabis shop at 555 Congress St. listed at $20 per square foot for 1,900-plus square feet with high ceilings and an open mezzanine level. What dissuades some poten- tial tenants, he says, is less the rental prices than the cost of readying the space to operate a business. Another hole will open up in the Congress Street corridor when Renys, a midcoast-based discounter with stores around the state, moves out at year's end. Renys blamed the location's anemic sales, which it said have not rebounded since the pandemic. Boulos Co. has been tapped to find a new occupant for the 24,800-square foot space at 540 Congress St. It's leasable for $9.50 per square foot or for sale at $4.295 million. Portland Mayor Mark Dion says the city will spend "whatever resources are needed" to keep Renys in Portland, as his economic development chief crafts a strategy for finding the next tenant for the Congress Street space "as quickly as possible." Chamber petition In a petition signed by more than 1,000 Portland business owners, workers and residents as of mid-July, the Portland Regional Chamber of Commerce calls for "swift, coordinated action" by the City Council to make downtown safe and attractive again. Quincy Hentzel, the group's presi- dent and CEO, warns of repercus- sions if the city fails to act. "In the short term, we expect vacancies to persist in the corridor and » C O N T I N U E D F RO M P R E V I O U S PA G E Consigli Construction Co., Inc. Construction Managers & General Contractors | consigli.com Building Maine's Most Complex Projects #1 Best Place to Work in Maine 3 Years Running JOIN OUR TEAM! ARCHITECTURE | INTERIOR DESIGN | PLANNING LISTEN. INNOVATE. DESIGN. EVERGREEN CREDIT UNION | SCARBOROUGH, ME www.GTDArchitects.com Reach out to hear about our latest work and how we can help with your next project. P H O T O S / T I M G R E E N WAY The Renys on Congress Street is expected to close by the end of the year. Cary Tyson, executive director of Portland Downtown, in Monument Square in Portland

• Cover