Mainebiz

W W W. M A I N E B I Z . B I Z 21 JA N UA R Y 9 , 2 0 1 7 C O M M E R C I A L D E V E L O P M E N T F O C U S and a $21 million Center for Biometric Analysis in Bar Harbor. " ere's a lot more of the mega projects out there than there have been in the past," says Tompkins. What's driving the growth While interest rates have inched up slightly, fi nanc- ing is still cheaper than it has been in the past. And that has prompted developers, businesses, colleges and municipalities to charge ahead on projects that they'd put off during the recession. "A lot of folks have realized that you can't defer projects forever," says Tompkins. " e longer you wait, the more expensive they tend to get." Demand for housing in Portland is driv- ing a spate of new condominium projects around Portland. Landry/French has been working on three residential projects there. at includes a $10.5 mil- lion condo project at 62 India St.; the $8.5 million Luminato Condo project at Franklin and Newbury streets; and the $10.5 million Seaport Lofts at 113 Newbury St. Elsewhere, construction is underway at 101 York St., a $15 million apartment and retail, and parking complex on the former site of El Rayo Taqueria; it is expected to be completed this year. Also due for completion this year is 667 Congress Street, a $22 million complex with apartments, offi ces and retail space off Longfellow Square. Looking ahead, a developer has fi led plans to build a housing complex on Portland's Commercial Street, at the site of the former Rufus Deering Lumber Co. It's not just high-end housing that's on the hori- zon. In December, the Federal Home Loan Bank of Boston announced that it would provide $17.5 million in subsidies to help fi nance 13 aff ordable housing projects throughout the state. Aging demographics are creating a need for long- term health facilities and critical health care services. In Bangor, Eastern Maine Medical Center expects to complete a $305 million expansion proj- ect this year. In Portland, Mercy Hospital expects to break ground in 2018 on a major expansion at its Fore River campus. Maine Medical Center recently announced plans for a $512 million expansion expected for completion within fi ve years. Also in Portland, a $20.5 million expansion and renovation s e b a g o t e c h n i c s . c o m • o f f i c e s i n s o u t h p o r t l a n d & l e w i s t o n • 1 0 0 % e m p l o y e e - o w n e d Big enough to serve, small enough to care. Civil Engineering Land Surveying Planning and Permitting Transportation/Traffic Engineering Landscape Architecture GIS Services High Definition Laser Scanning Environmental and Natural Resources Commercial Land and Site Development Providing a wide variety of services to companies, developers, and landowners in private/public sectors for projects of all sizes. 1 0 9 M a i n e S t. , G o r h a m L L B e a n Ca m p u s U N U M C a m p u s F r e e p o r t V i l l a g e C O N T I N U E D O N F O L L OW I N G PA G E » N O TA B L E D E V E L O P M E N T P RO J E C T 101 York Street 101 York St., Portland Developer: J.B. Brown & Sons Project details: 63 apartments, 17,000 square feet of retail and parking Design and construction management: Opechee Construction Corp. Financing: Camden National Bank Completion date: Summer 2017 P H O T O / P E T E R VA N A L L E N I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum I want to see the momentum move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find move north. We need to find opportunities where Maine can encourage more economic activity in areas where population declines are a serious problem. It is clear people are leaving to fi nd work and opportunity and we can't afford that to be a continued trend. — Matt Marks, Associated General Contractors of Maine

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