Developer eyes historic Portland building
The Maine College of Art has lined up a buyer for the Baxter Building in downtown Portland that plans to turn the historic building into 25,000 sq. ft. of office space.
The college plans to sell the Congress Street building for an undisclosed price to Portland-based Northland Enterprises LLC, which would invest $2.2 million to restore it and lease it to nonprofit groups and creative economy professionals like architects and Web developers, according to the Portland Press Herald. But before the deal can be finalized, Northland Enterprises needs to find potential tenants for the building in order to secure financing for the project, the company's partner, Rex Bell, told the paper. Bell said the company already is in talks with a tenant that could occupy as much as 20,000 sq. ft.
The company is hoping to close the deal in December and finish renovation work on the building by next summer.
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