Jim Brady’s Fathom Cos. is transforming a historic bank building constructed in 1910 into a 101-room hotel expected to open in 2027. Mainebiz got the behind-the-scenes tour of the work in progress.
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Marble floors, soaring ceiling
Even in its current state of disarray, the building's stately beauty is evident. The marble floors and columns are being refinished, along with the huge decorative first-floor windows, soaring ceiling, and impressive trim work. The building was the state’s tallest skyscraper when it was built. It's had several tenants, including M&T Bank, but was vacant when Brady purchased it in the summer of 2024. In addition to a guest reception in the grand lobby, Brady plans a full-service restaurant and bar. The lower level will be renovated into a wellness center for guests, with a sauna, steam room, cold plunge and experiential shower. Brady also plans to repurpose the historic basement vault into a salt relaxation room, which he’s loosely calling, "the salt vault." Guest rooms and suites will occupy floors two through nine and initial framing is starting to go up. “We have a number of one-bedroom suites throughout the floors, while our most bespoke suites are located on the 10th floor, with sweeping views to the mountains of New Hampshire westward, and over Casco Bay and the Fore River to the ocean to the east.” We walked up to the 10th floor with Brady, where the views across the city and out to the water are extensive. The tour continued to the “model room” of the future hotel. It’s a full-scale mockup that allows Fathom to test construction details, fit and finishes, furniture, fixtures, and equipment while the renovation is still in progress.Portland portfolio
Fathom Cos. has developed and managed a number of hotels in Maine: the Brunswick near Bowdoin College, and the Canopy Portland Waterfront and the just-opened Evalina, both on Portland’s Commercial Street. Other properties include the Weldon 'aparthotel' on York Street and the Press Hotel on Congress Street near Portland City Hall. Fathom Cos. also has approvals for a hotel and condo project at 385 Congress St. in Portland and for a five-building multi-use development in Biddeford, which has just broken ground. Brady notes they are all boutique hotels, not franchises with a large chain.