Please do not leave this page until complete. This can take a few moments.
With the blast of a ship’s horn in Portland Harbor underscoring the location, a host of city officials, the development team and other key stakeholders joined WEX President and CEO Melissa Smith this morning in a ceremonial groundbreaking for WEX’s new world headquarters on the city’s eastern waterfront.
Smith was joined by Portland City Manager Jon Jennings; developer Jonathan Cohen, manager of 0 Hancock LLC; City Councilor David Brenerman, chairman of the city's Economic Development Committee; and Michael Dubyak, executive chairman of WEX; and more than 50 others that included WEX employees and reporters.
WEX (NYSE: WEX), Maine’s second-largest publicly traded company, is now based in South Portland. It will continue to maintain offices there.
The groundbreaking itself was strictly ceremonial, with a backhoe, bulldozer and Shaw Brothers Construction truck already at work excavating a far corner of the 48,000-square-foot Thames Street property. The site was sold by the city for $3.3 million in August to 0 Hancock Street LLC, the developer of that 100,000-square-foot, four-story mixed-use development that will become WEX's headquarters.
Smith told the gathering that WEX’s decision to locate its headquarters in Portland will be “a tremendous accelerator for the future growth of the company,” which topped $1 billion in sales at the end of 2016.
“We think being downtown is a big part of it,” she said, explaining that the vibrancy of Portland’s downtown will appeal to both the company’s worldwide customers as well as WEX’s current and future employees. It represents a commitment to staying in Maine, which she said is integral to the company’s culture of “innovation, integrity and building strong relationships.”
“It’s inherently part of who we are and why we are successful,” she said.
City Manager Jon Jennings characterized the groundbreaking as “a really historic day for the city of Portland.”
“To have a company of the magnitude of WEX choose to have their world headquarters on our waterfront is a significant accomplishment,” he said, crediting the city’s Economic Development Director Greg Mitchell, Planning Director Jeff Levine and Brenerman as key players who helped facilitate the sale and permitting process for 0 Hancock Street LLC and WEX.
Hancock Street’s Jonathan Cohen gave kudos to WEX as a partner in his project.
“I wish all of my projects could go so smoothly,” he said, noting that the construction work headed by Cianbro will exceed the 450 jobs that WEX plans to bring to the headquarters when it’s completed.
“When we create that many construction jobs, that feeds the economy of Greater Portland,” he said.
Brenerman described the project as a “game-changer for our waterfront and our community’s future growth.”
Former WEX President and CEO Michael Dubyak agreed, noting that during his 32 years with the company there were many periods when it wasn’t at all certain it would even survive, let alone remain in Maine.
“Our first eight years, we didn’t make any money,” he said, adding that the company went through several changes of ownership before its successful IPO gave it the capital and independence that set it on the path to growth it enjoys today.
“There is a resurgence going on all around this city,” he said. “It really is a distinctive city.”
WEX anticipates to be able to occupy its new headquarters sometime in 2019.
Read more
WEX tops $1B in revenue for 2016
Thinking strategically: Melissa Smith helps spur WEX to $1B milestone
WEX eyes Portland waterfront for its global headquarters
WEX a step closer to securing Portland waterfront site as headquarters
Portland council approves sale of site for WEX office building
Three reasons why WEX revenues grew by 23% in 2017
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
Comments