Mainebiz

V O L . X X I I I N O. X V I I I A U G U S T 7 , 2 0 1 7 6 are move-in ready and priced appro- priately are quickly under contract. Buyers are plentiful and seeking the long-term financial benefits of home ownership." According to the National Association of Realtors, home sales across the country in June increased 0.7% compared to June 2016. e national median sales price of $266,200 reflects a 6.6% increase. Regionally, sales in the Northeast increased 1.3% while the regional median sales price rose 4.1% to $296,300. N O T E W O R T H Y S T A T E W I D E The National Science Foundation awarded Bigelow Laboratory for Ocean Sciences in Boothbay a three-year grant of $399,908 for a study of a ma- rine protozoan parasite that infects oys- ters along the Maine coast. The study is being done in collaboration with the University of Maine, which received a $174,742 grant for the project. A portion of Bigelow's grant will fund research positions for Southern Maine Community College students at the lab in the summers of 2018 and 2019. Bigelow was also awarded $445,041 from the NSF to help fund a project titled, "Microbial Activity in the Crustal Deep Biosphere." SMCC jumps in to help construction industry Southern Maine Community College will launch a program this fall to help the state's construction industry find workers with high-demand trade skills. SMCC's new Construction Institute was developed in collaboration with members of Maine's construction indus- try to provide essential training. Builders have had trouble finding enough quali- fied workers at a time when southern Maine has experienced a surge in construction projects and low unem- ployment. e Construction Institute aims to address the changing needs of students and the construction industry by offering convenient schedules and stackable courses that allow students to progress at their own pace, SMCC President Ron Cantor said during the July 26 announcement at the construc- tion site of the future headquarters of Sebago Brewing Co. in Gorham. WEX a step closer to securing Portland site for HQ B y J a m e s M c C a r t h y Portland — WEX Inc. has cleared the first hurdle in its bid to purchase city-owned property on Portland's eastern water- front as the development site for its global headquarters. In a statement issued July 28, the city of Portland indi- cated that the city's Economic Development Committee selected 0 Hancock Street LLC, led by Jonathan Cohen, in partnership with WEX, to develop a 48,000-square-foot por- tion of the city-owned Thames Street property, across from the Ocean Gateway complex. WEX (NYSE: WEX), Maine's second-largest publicly traded company, now has its headquarters in South Portland, and has said it would retain space there. WEX's partnership with 0 Hancock Street LLC was one of two bidders that responded to the city of Portland's RFP in April. The competing bid was for a 165,000-square-foot mixed-use development with office, residential and retail space along with a 392-car parking garage. The city's news release reported that city staff have been negotiating with the WEX development team under the direc- tion of the EDC and have executed a purchase-and-sale agreement for $3.3 million. The EDC was expect to meet Aug. 1 to discuss its selec- tion of WEX's proposal and the purchase-and-sales agree- ment. Public comment will be taken, and the committee is expected to submit its final recommendation to the City Council, which will take up the matter at its Aug. 21 meeting. "We're looking forward to hearing from the public regarding the committee's selected development proposal and our pur- chase-and-sale agreement," Councilor David Brenerman, chair- man of the EDC, said in a statement emailed to Mainebiz. "This is truly an exciting opportunity to attract the world headquarters of a major Maine-based international business that will bring almost 500 new high-quality jobs to Portland's eastern waterfront." WEX has 800 employees at its South Portland location, at 225 Gorham Road, and the company has said it is burst- ing at the seams. Cohen's proposal involves a four-story, 100,000-square- foot building with 10,000 square feet of street-level retail space. The adjacent parking lot at 100 Fore St. would provide parking for the 500 employees. "There is expected to be growth in the number of employ- ees who would be working at that location," Gould said. If the other remaining hurdles are met and the project proceeds as planned, WEX anticipates to be able to occupy its new headquarters sometime in 2019. WEX President and CEO Melissa Smith told Mainebiz: "This is an important next step for us. We are hopeful and excited as we move forward through the rest of the process with the Portland City Council. We eagerly await the final approval process which will allow us to finalize our plans. We'll continue to keep optionality until it's complete." Smith added: "WEX's culture comes from our roots in Maine. We are excited about the prospect of expanding and establish- ing our global headquarters in downtown Portland, in the heart of a vibrant, flourishing city. Although we are excited about our potential move to Portland, it is important to note that we will continue to maintain a significant presence in South Portland. South Portland is where we grew up as a company and our presence there will remain a critical part of our business." WEX revenue increased 30%, to $303.9 million from $233.9 million, for the three months ended June 30 and projected its full-year revenue for 2017 would be in the range of $1.20 billion to $1.22 billion. B U S I N E S S M A I N E Business news from around the state S T A T E W I D E S O U T H E R N B R I E F R E N D E R / C O U R T E S Y W E X I N C . An artist's rendering shows what WEX's global headquarters would look like at the proposed location on Portland's east end waterfront across from the Ocean Gateway complex. Outdoor recreation worth $8.2 billion in Maine Outdoor recreation is worth $8.2 bil- lion in spending to the state each year, according to an Outdoor Industry Association report. e Bangor Daily News reported the outdoor economy generates 76,000 jobs, $2.2 billion in wages and salaries and $548 million in state and local tax revenue. e balance is in recreational water sports and related spending. e report lists 45 activities, such as wildlife view- ing, motorcycling, boating, hunting, fishing, bicycling and camping. e report said 70% of Maine residents participate in outdoor recreation, making it one of the higher states in participation, Alex Boian, the Outdoor Industry Association's vice president of government affairs, told the BDN. "Our message is, the out- door recreation economy contributes to healthy communities and healthy economies in Maine and across the United States," Boian said. "So how do you perpetuate that?" Outdoor recreation nationwide generates $887 billion in consumer spending annually and sustains 7.6 million jobs. Maine home prices rose 3.54% in June Maine real estate continues to rise in value, even with slight declines in sales. Maine Listings reported that single-family existing homes across the state experienced a 3.54% increase in the median sales price to $205,000, based on a June 2017 to June 2016 comparison. e median sales price indicates that half of the homes were sold for more and half sold for less. Total number of existing single-family homes sold in June declined 3.62% compared to the previous year, with 1,889 units sold in June 2017 com- pared to 1,960 units sold in June 2016. "Coming off a record-breaking 2016, our June 2017 numbers show contin- ued strength," Greg Gosselin, 2017 president of the Maine Association of Realtors, said. "For the state, the number of homes sold in June 2017 is nearly 8% higher than the most recent three-year June average. Homes that

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