Mainebiz

W W W. M A I N E B I Z . B I Z 17 A U G U S T 2 4 , 2 0 2 6 F O C U S G R E AT E R B A N G O R / N O R T H E R N M A I N E e final version of the law, which took effect in June 2025 without the governor's signature, directed the Maine Redevelopment Land Bank Authority to work with the city on a revitalization plan. Once the pending sale is finalized, Krieg says, the city will coordinate with Cole and his partners to help advance their plans for the property. "We will work with the new owner on necessary approvals and improve- ments and are committed to assisting them in any way possible to have a suc- cessful development," she says. What's in store While Cole is mum about exactly what will go into his plans, he prom- ises there will be plenty of entertain- ment options designed to attract visi- tors from as far away as Canada. e group has already signed agreements with national retailers whose names he can't yet disclose. In due course, he expects to put new signage up with known businesses. "It will have that outlet mall look to it, but it won't be an outlet store per se," he says. "It's going to be a lot of familiar names." As he takes on the transforma- tion, Cole says the toughest part will be overcoming public percep- tion and "breaking through the negativity" from critics who say it's never going to happen. "If you want it to be great, it's going to be great. If you want it to be bad, you'll find 'bad' every day," he says. "But I'm assembling a solid team and we'll find out how to make it happen. I do puzzles back- wards … It's one bit at a time." While holding off on residential development for now, Cole says the long-term plan may include hotels and condos "when the time is right and when it's financially viable," but only once the mall has a critical mass of retail and entertainment. "is is the right choice, not just financially but also functionally," he says. "You don't want to build a place for people to live before you build the things they want to live around. is is the right way to do it." He also expects the development to draw visitors from as far as two hours away, while underscoring that the perks are being designed mainly with local residents in mind. "Some of the things that we're planning, I know there isn't anything like it within 150 miles," he says. Upward bound As the team lines up new retail ten- ants, the plan is to maintain exist- ing ones who would pay a higher rent amid the planned upgrades. e developers will also be selective in choosing who comes in. "We're not going to let just any- body in there because we are going to elevate the space," Cole says. "It's not going to be a yard sale." Expecting to run out of space quickly, the team is already thinking about further expansion. ough there are limits at ground level, they have "a lot of acreage" to build upwards, Mullins says. In other words, the sky is the limit. Renee Cordes, Mainebiz deputy editor, can be reached at rcordes @ mainebiz.biz P H O T O / C O U R T E S Y O F A M O R E A LT Y Daniel Amodeo, Amo Realty The most successful mall developments don't eliminate retail — they reduce their dependence on retail. — Dan Amodeo Amo Realty

• Cover