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W W W. M A I N E B I Z . B I Z 17 F E B R UA R Y 5 , 2 0 1 8 F O C U S G R E AT E R P O R T L A N D The Old Port and farther west Back in the Old Port, F.L. Putnam Financial Management Co. has already signed a lease for the top floor of the Pooles' Widgery Wharf office building as Malone Commercial Brokers seeks tenants for the other two floors. F.L. Putnam employs 12 people in Portland with plans to hire three more, says Tom Manning, the company's president. During a recent interview in Portland, Manning explained that the firm had outgrown its space at 245 Commercial St. but wanted to stay in the area. "Once you have a view of the water," he says, "you really don't want to lose that." Pierce Atwood's Dennis Keeler, who helped facilitate the law firm's 2011 move to Merrill's Wharf, says now that its $10 million investment in what was then a forgotten part of the waterfront was worth it. "It was a bit of a risk coming here … but all of a sudden, this has become an area that's getting attention," Keeler says. at's also true of the western water- front, where Reger Dasco Properties received the go-ahead in December to put up a 139-room hotel and condo- minium complex at the former Rufus Deering Lumber site, Portland Yacht Services owner Phineas Sprague is planning a new marine complex and Americold LLC will build its long- awaited cold storage facility. ree miles to the west, along the Fore River, Chris ompson of ompson's Point Development Co., is targeting a spring or summer construc- tion start for a 148-room boutique hotel and the new Children's Museum and eater of Maine. "Our sense has always been that at a point of critical mass at ompson's Point, a hotel was both necessary and would sustain itself," he says. Avoiding a bubble Not everyone is a fan of Portland's development boom, and what hap- pens if another downturn strikes in a city already grappling with traffic con- gestion and rising property values. "With all these hotels going in, that's great, but you don't want this to be simply a tourist city," says Joseph McDonnell, a professor at the University of Southern Maine's Muskie School of Public Service. "You want this to be a city where people want to live because of the lifestyle that you have created through good plans." He and others noted in a 2017 report that Portland employers face a formidable challenge replacing an aging workforce, and that they will only succeed if the city can attract and retain the next generation of skilled workers with things like affordable housing and quality architecture. "We can't just allow buildings to pop up helter-skelter without consideration of whether we are creating a beautiful city that will be attractive both for tourists and for the people who live here," he says. And Dana Totman, president and CEO of Avesta Housing, says that while the burgeoning commercial construc- tion is good for the economy, the tax base and jobs, that's a "vivid contrast" to affordable-housing activity that's been lumbering along for the past few years. He laments the fact that contractors are so busy with commercial projects "so that when we are lucky enough to have one of those new housing developments to build, the contractors are sometimes so busy and not interested." at happened when Avesta sought bids from five general contractors and two dropped out early because they were too busy. "Contractors are less eager to come get our work … so it's more expensive to build, and we have to cobble additional resources from other sources to pay for the extra costs. We're able to do that with the few projects we have. e bigger issue is, we don't really have enough projects." From a developer's perspective, Jim Brady concedes there's always a danger of putting up too many hotel rooms, offices or residential units. "If Portland continues to attract businesses and generate good jobs and have a good quality of life," he says, "my hope is that demand will continue to be there, and hopefully there will be some prudent lenders and developers who are very careful about the supply that they add to the market." Joe Dasco, principal at Reger Dasco, is equally bullish on Portland as the company decides on a partner to buy and operate the future hotel at the Rufus Deering site. "Portland's a great city," he says. "We think it's going to continue to grow and hopefully grow at a moderate pace." R e n e e C o r d e s , M a i n e b i z s e n i o r w r i t e r, c a n b e r e a c h e d a t r c o r d e s @ M a i n e B i z . B i z a n d @ r s c o r d e s Toll-free 1-866-HAMMOND www.hammondlumber.com c a l l t h e d o w b r o t h e r s f o r a p o r t f o l i o r e v i e w, t o d ay. d o w c m . c o m Securities offered through Bolton Global Capital, Inc., 579 Main St., Bolton, MA. Member FINRA, SIPC 978-779-5361. Advisory services offered through Bolton Global Asset Management, a SEC registered investment advisor. DWC/DW30027 Portfolio Manager (207) 878-1573 The power of brothers to make things happen. Mike Dow, MBA Portfolio Manager (207) 878-1574 Bill Dow, CFP We can't just allow buildings to pop up helter-skelter. — Joseph McDonnell Muskie School of Public Service

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