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V O L . X X I I N O. X I X A U G U S T 2 2 , 2 0 1 6 24 State and Harlow streets, according to information provided by Gerety. At 205 Exchange, going back to 1933, there was an automobile service shop, S.L. Crosby, and then Dakin Realty. e block also includes 209- 213 Exchange, an early 20th century three-story brick commercial build- ing, and 213 Exchange, which was also once an auto supply store. On the corner of Exchange and State, at 33 State St., is a three-story offi ce building with a banking hall-style ground fl oor, with bronze fenestration characteristic of the Classical Revival style of the early 20th century. e building, also designed by Mansur, dates to 1915 and was built on the foundation of the Morse-Oliver Building that was destroyed in the fi re, says Gerety. e current building was initially home to the First National Bank. At one time, 33 State St., as well as 205 and 209-213 Exchange, were owned by Bangor Hydro Electric Co., now Emera Maine. Brokers have long-time interest in Bangor Bonadio and Laney came into the picture more than a decade ago, when they worked with PROTEA Behavioral Health Services, an agency providing mental health and sub- stance abuse services, to purchase the package of buildings, including the three owned by Bangor Hydro. "PROTEA occupied the entire block at one time," says Bonadio. " en PROTEA sold the business to Sweetser, but retained the real estate and became the landlords." In 2006, PROTEA asked Bonadio to list the block, but provided Sweetser with a 10-year lease on the package of buildings. e eventual buyer was Eaton Tarbell Jr., an attorney at Concord, N.H.-based Tarbell & Brodich, whose investment portfolio is primarily made up of residential properties in Maine, New Hampshire and North Carolina. e two brokers had worked with Tarbell before, helping to identify investment properties. Going by the name EWT 17 LLC, Tarbell purchased the Exchange Street block as an investment, based on the 10-year lease with Sweetser. But in 2007, Sweetser lost a chunk of state funding and vacated most of the real estate. e nonprofi t continued to occupy a small portion of offi ce space and to pay rent, up until this past June, when its lease expired. For the potential buyer, the $2 million asking price is just the beginning. e scope of the rehab on six buildings will likely require updating, though it remains to be seen how much. A conservative estimate of the cost of getting the space in shape to lease is in the millions, but would vary widely depending on whether it would continue to be used as offi ce space or whether a more substantial conversion, say to luxury apartments, is planned. " e ultimate use will dictate the amount of investment. And it's a pretty wide range," says a third-party observer, Tim Soley, a Portland devel- oper and president of East Brown Cow Management Inc. "Demand is the big- gest issue for more real estate anywhere. It would be an issue of whether there's a need for residential or commercial uses, and the best return on the amount of investment it takes." Fewer historic buildings available for rehab To the best of his knowledge, Bonadio says, the buildings are all in good shape, with no structural defi ciencies. "In 2007, there were engineering studies and inspections done, and it all passed," he says. "Now it's almost 10 years later. Nothing that I'm aware of has changed. I think there have only been improvements since then." at includes new roofi ng, some conversion to natural gas, installation of air conditioning, and other upgrades over the years. Emery says vacant or underused historic buildings in Bangor are becoming a rarity. "In the last fi ve years or so, several large buildings that were vacant for decades have been rehabbed and turned around into retail and residen- tial space, which has been incredible for the downtown," says Emery. "We now have strong restaurants and terrifi c retail that brings people from northern and eastern Maine in to shop and eat locally. It's not like we're full, but we have really strong anchors downtown, and there's still room for people looking to be located downtown." e city has some, but limited, resources to support business devel- opment. at includes working with Emery to identify optimal spaces for businesses; and a façade grant program that many building owners have used — a one-to-one match up to $15,000 to restore, renovate or improve a façade. "One thing we hear, from both visi- tors and locals, is they're looking for more retail downtown. So we'd love to see street-level retail on that block," she says. "[Downtown Bangor] has so much amazing architecture and history, the character of quintessential New England, the beautiful arched windows — all nestled together with beautiful fl ower beds and public spaces and a critical mass of businesses that makes it a very vibrant, walkable downtown," she adds. " ere's a national movement toward people interested in being in livable, walkable downtowns again, rather than the suburbs. Which is exciting, because we feel we have a wonderful downtown." L aU r i e S c h r e i b e r , w h o c o v e r s r e a l e s t a t e f o r M a i n e b i z , c a n b e r e a c h e d a t L a U r i e @ m a i n e P r O F i L e s . c O m » C O N T I N U E D F RO M P R E V I O U S PA G E " " " " Colors Pantone 2747 Pantone 1807 IT Solutions Designed for Your Business Finding the right IT partner is one of the most important decisions your company can make. At WGTECH, making information technology work for your business is our core competency. We develop individualized solutions that help you grow your business, improve operations, and boost efficiency. We're Northern New England's resource for advanced technology – we'd like to partner with you. www.WGTECH.com 207.856.5300 Build a Better Technology Environment F O C U S F I L E P H O T O / DAV E C L O U G H F I L E P H O T O / DAV E C L O U G H Tanya Emery, director of the Bangor Community and Economic Development Department, sees the Exchange Street parcel as key to downtown Bangor's continued redevelopment.

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