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August 5, 2013

Portland boutique hotel construction delayed

Yarmouth developer Jim Brady has bought out his business partner’s interest in a 110-room boutique hotel at the former Portland Press Herald building, where construction has been delayed several months to sort out financing and hire consultants for the project.

The Portland Press Herald reported Brady, former head of development firm The Olympia Cos., bought out partner Kevin Bunker’s interest in the project last March amid a complicated search for financing, which he’s now seeking through historic preservation tax credits and new market tax credit financing through the Finance Authority of Maine.

Brady said construction on the project is scheduled to begin next year with the hotel set to open along its original timeline in the spring of 2015 under the new plan. He has hired the Portland-based Via Agency to develop the hotel’s branding campaign and the New York-based firm Stonehill & Taylor to serve as the interior designer for the project.

Brady told the paper he plans to retain ownership of the building, rather than selling to a hotel chain or another company, once the project is complete.

Correction: An original version of this story misstated the planned opening date for the boutique hotel at the former Press Herald Building. The story has been updated accordingly. 

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