Mainebiz

W W W. M A I N E B I Z . B I Z 31 A P R I L 3 , 2 0 1 7 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / D E S I G N Bolstered by cheap rents, most of the commercial and residential units are fi lled. Arnold is looking for an operator for a restaurant space. "Maine has the climate and aff ord- ability. If we strengthen the middle class, there will be an upward spiral," Arnold says. Using sustainability to fi nd specifi c investors Arnold created the Sustainable City Fund LLC to fi nance the mill's make- over as well as the work in Eastport. He also hopes to do other ground-up resi- dential development in southern Maine (with locations to be determined). He said the fund has a range of investors, from high-net worth individuals to foundations to pension funds. "It's an investment vehicle for things people can feel proud of," he says. "It combines investment and philanthropy." e eff orts dovetail with work the company is doing in Kansas City. Arnold says the company adheres to lean construction principles — opti- mizing the whole, removal of waste, continuous improvement, generation of value focus on process and fl ow, accord- ing to criteria laid out by the Arlington, Va.-based Lean Construction Institute. Dover-Foxcroft was a natural for this type of redevelopment, he says. "It has two hardware stores, a movie theater. It's a vibrant town," he says, though the area was not without its skeptics. " ere were people who said, ' ey're never going to do this.'" For the mill redevelopment, Arnold development received historic tax credits and Tax Increment Financing. Arnold worked with town leaders, CEI and the Maine Community Foundation's impact investment arm. Arnold may be "from away," if that means anything anymore, but he has quickly adapted to the way of doing business in Maine. "How'd you get connected with CEI?" he's asked. "We just called them," he says. Meanwhile, in Eastport ree hours away from Dover-Foxcroft, the Eastport project, 15 Sea Street, had a similar word-of-mouth origin. In 2012, Arnold was invited to speak at the GrowSmart Maine Summit, at the invitation of Executive Director Nancy Smith. At the conference, Eastport's city manager at the time, John Sutherland, and Hugh French of the Tides Institute & Museum of Art talked about East- port's eff orts to redevelop. Eastport was featured in a video. At that point, there had been no action on the Eastport building. It dates to 1908 and was where the Continental Brand sardines were packed into their distinctive roll key-opening cans. e site became known as the American Can building, though the structure outlasted the city's sardine industry, which peaked in the 1950s. By 2004, the building was nearly vacant. Dirigamus purchased the dormant building more than a decade ago. Dirigamus is led by three partners: Godfrey, Meg McGarvey and Nancy Asante. Arnold saw the video about Eastport, but the roots of 15 Sea Street were in the call Godfrey and her group made to Arnold some time after. " ey said, 'We've been looking for a developer,'" Arnold recalls. In Maine style, Godfrey called up Arnold and invited him to Eastport. Arnold and his wife Erin and their three sons ended up spending a week in Eastport over the city's busiest weekend, July 4th. "He had a chance to see Eastport," Godfrey says. "So now they know our ethics, our vision, our dreams and what we can be in Eastport … ey got a real feel of the energy here, the community here." " ey put us up," Arnold says. "We saw it was a strong community. We had the opportunity to [redevelop] one of the last buildings. It's so prominent, overlooking the ocean. It's an honor to come in and add to the work Eastport is already doing." Lora Whelan, who leads Eastport's eff ort to attract new residents, says 15 Sea Street could become "a major anchor in the downtown." " at would be signifi cant," she adds. "Right now we do not have too many people who live in the downtown. Building a downtown population would be of benefi t to the restaurants, shops and arts-and-cultural organizations." P e T e r Va n A l l e n , M a i n e b i z e d i to r, c a n be r e a ch e d a t P vanal l e n @ mainebiz.biz and @ MainebizEDiTor DESIGN | BUILD | MAINTAIN 35 Airport Road Brewer, Maine 04412 (207) 989-7400 www.facebook.com/NickersonODay/ The Jackson Laboratory The Jackson Laboratory The Jackson Laborator , Bar Harbor y, Bar Harbor y Building, renovating and preserving and preserving and our communities our communities our for 65 for 65 for years! Maine has the climate Maine has the climate Maine has the climate Maine has the climate Maine has the climate Maine has the climate Maine has the climate Maine has the climate Maine has the climate and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we and affordability. If we strengthen the middle class, there will be an upward spiral. — Jonathan Arnold Arnold Development Group

• Cover