While there are plenty of challenges this year — including higher interest rates, continued high construction and materials costs and the threat of recession — most of the larger construction companies have work booked well into next year.
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The pace of construction continues this winter. The 2023 outlook presented at MEREDA’s annual Real Estate Forecast Conference and the Mainebiz “5 on the Future” conference showed that while there are plenty of challenges this year — including higher interest rates, continued high construction and materials costs and the threat of recession — most of the larger construction companies have work booked well into next year.
Here’s an update on some of what’s under construction now.
- Allied Cook Construction, which in December finished the Covetrus headquarters on Portland’s East End, is coming down the home stretch with a residential building a few blocks from there.
- The Phoenix Flats building, which is going up at the corner of Franklin and Fore streets, is a four-story building with 45 units of affordable housing for older adults and people with disabilities. It is being built to Passive House standards. The building was designed by CWS Architects and will be managed by Preservation Management Inc. In recent days, Cumberland County Glass has installed energy efficient triple-pane INTUS Windows.
Other construction projects of note
In Portland’s West Bayside neighborhood, Port Property is developing a 171-unit apartment building. Penobscot General Contractors is managing construction. Port Property has another project in the leasing phase: The Levee in Biddeford will have 96 loft apartments.
Steve Woods, founder of Falmouth-based TideSmart Global, reports that he and partners, under Zacamy Group LLC, have acquired the building that formerly housed the G.H.Bass Outlet at 100 Gorham Road in South Portland. Part of the space will house an innovative wellness spa, Restore Hyper Wellness. Ducas Construction is managing the construction. The conversion is underway, with an early March opening planned. Restore Hyper Wellness is a chain based in Austin, Texas. As a side note, Woods says the Boulos Co. is actively looking for tenants for the two other spaces in the building. He says they’re looking for tenants that fit the health-and-wellness and/or medical focus. The building will have solar power, quad EV charging station and water-and-air purification systems.
Atlantic Federal Credit Union is getting close to opening day of its new branch on Riverside Street in Westbrook, with a date to be announced soon.
Zachau Construction has a number of projects in various states of completion, including the L.L.Bean headquarters in Freeport, the former Mercy Hospital conversion to apartments, renovations at the Hannaford headquarters in Scarborough and upgrades to the Wolfe’s Neck education center in Freeport, among others. Its expansion of the 317 Community Music Center in Yarmouth is nearly complete.