PORTLAND, ME FOR SALE BAYSIDE PROPERTIES rare urban infill development opportunity The Boulos Company
1 Executive Summary 2 parcel Map 3 portland map 4 zoning map 5 zoning details 6 parcel details 7 traffic realignment and height overlay 7 commercial presence in bayside 8 bayside in the news 9 portland overview 10 contact information
EXECUTIVE SUMMARY CBRE The Boulos Company has been exclusively retained to sell the Public Works Bayside properties located in Portland, ME. OVERVIEW The unique West Bayside offering provides investors and/or developers a chance to capitalize on a rare urban infill development opportunity in Downtown Portland. The West Bayside sites are currently the longtime home to Portland s Public Works Department. The properties will be offered in 6 parcels, and the parcels are such that they present opportunities to invest in both ground-up development and redevelopment/restoration projects, both large and small. West Bayside is located in the heart of Portland between the Financial District and Back Cove. Its walkability from the other neighborhoods on the Portland Peninsula makes the site a prime location for an exciting new development. The overall Bayside area of Portland has seen considerable redevelopment and investment in recent years and this opportunity is an excellent continuation of this transformation. LOCATION Portland is situated one hour and forty-five minutes north of Boston (100 miles) along the picturesque Maine coast. Portland has long been considered the epicenter of the Maine economy and has become known as the banking capital of Northern New England. The greater Portland market consists of 522,100 residents representing nearly 38% of Maine s population. The Portland economy is giving residents and investors a reason to be enthusiastic. As of February 2017, the Cumberland County unemployment rate had dropped to 2.7%, well below the national rate of 4.7% and the Maine rate of 3.2%. With unemployment trending downward and a consistently healthy housing demand, Portland offers strong upside to investors and developers. Portland s local economy is diverse with a good mix of high technology, finance, medical and manufacturing companies. Some of the more notable local employers include Bath Iron Works Corp., Cianbro Co s, CIEE, L.L. Bean Inc., Maine Medical Center, Pratt & Whitney Aircraft, TD Bank, Unum Group, ldexx Laboratories, Sappi Paper, WEX, Hannaford Bros. Co., Mercy Hospital and Fairchild Semiconductor Corporation. Portland provides cultural, educational, and recreational destinations, which include shopping, nature trails, an extensive network of beaches, minor league baseball (Portland SeaDogs), the NBA D-league (Red Claws), as well as several museums. The region is also known for its one-of-a-kind boutiques, restaurants & Breweries, and thriving art scene that make the greater Portland area a unique and exciting place to live and work. West Bayside is prime to transition into a neighborhood that encompasses all of these thriving amenities that Portland offers. CONTACT Nate Stevens Associate Broker +1 207 553 1702 D +1 207 272 2385 C nstevens@boulos.com SALE & PROPOSAL PROCESS The West Bayside properties are being offered without an asking price. We will be conducting tours in the coming weeks with a call for offers due May 12, 2017. Additional due diligence materials can be found on CBRE Deal Flow. Vince Ciampi Associate Broker +1 207 553 1794 D +1 207 756 4563 C vciampi@boulos.com
parcel Map 1 55 portland street 2 44 hanover street 3 56 parris street 4 82 hanover street Parcel 5 Parcel 4 Parcel 2 Parcel 1 5 65 hanover street Parcel 6 Parcel 3 6 178 Kennebec street
PORTLAND MAP Bayside Portfolio West End Arts District Financial District East Bayside East End Old Port
ZONING MAP ZONING: B2b Business Community B7 Urban Commercial Business Parcel 6 Parcel 4 Parcel 2 Parcel 5 Parcel 3 Parcel 1 *Boundaries are approximate
ZONING DETAILS B-7 B-2b Maximum Height See Bayside height overlay map See Bayside height overlay map Minimum Height Depends on the height subdistrict, 2-4 stories None for new construction, some exceptions for expanding existing buidlings Allowable Uses Residential, commercial (including office, retail Residential, commercial (including office, retail, restaurant, hotel, drinking establishments, entertainment uses, indoor amusement & recreation, mill working shop, breweries, art studios, r&d labs, health clubs, hostls, bakeries), institutional restaurant, drinking establishments, health clubs, theaters & performance halls, hostels, bakeries, commercial kitchens, day care facilities, art studios), institutional Residential Density No limit 100 units per acre (1 unit for every 435 SF of lot) Allowed Front Yard Setback No more than 10 feet generally No more than 10 feet Side Yard Setback None required None required Rear Yard Setback None required No less than 10 feet Parking Requirements Set by Planning Board One parking space per housing unit, others vary; Planning Board can adust parking for large projects Limitations on Surface New surface parking is discouraged and must be set No parking in the front yard of a building, no stand- Parking back 35 from the street with landscaped buffers alone parking lots Drive Throughs Only for banks and in buildings of 20,00 SF or more Not permitted (with some exceptions)
Details Legal Description A portion of Map 33, Block B, Lot 8 Lot Size 0.94± acres Building Size 3 floors; 6,199± SF per floor; 18,597± SF total* Year Built 1984 Construction Brick masonry Roof Flat rubber membrane Heat Natural Gas Parking On-site, accessed from Portland Street & Alder Street Elevator Yes Current Use Office space Zoning B2b: allows for neighborhood & community retail; business & service establishments *Per city assessor records PARCEL 1 55 PORTLAND STREET & HANOVER & PARRIS STREETS
PARCEL 1 55 PORTLAND STREET & HANOVER & PARRIS STREETS
PARCEL 2 44 HANOVER STREET & PARRIS & LANCASTER STREETS Details Legal Description A portion of Map 33, Block B, Lot 8 Lot Size Lot Frontage 0.99± acres TBD: approximately 207 on Hanover Street & 225 on Parris Street Height Limit 85 Parking Requirement Density Zoning One off-street space per unit 100 units per acre B2b: Community Business Zone -Allows mixed-use including residential, retail, office, restaurant, hospitality, community centers, etc. See ordinance for more information.
PARCEL 3 56 PARRIS STREET Details Legal Description Lot 33, Block A, Lot 13-14 Lot Size 0.2345± acres Lot Dimensions 110 x 95 Height Limit 85 Density 100 units per acre Parking One off street space per unit Requirement Lot Frontage 110 B2b: Community Business Zone -Allows mixed-use including residential, retail, Zoning office, restaurant, hospitality, community centers, etc. See ordinance for more information.
PARCEL 4 82 HANOVER STREET & 158 KENNEBEC STREET Details Legal Description Map 34, Block G, Lots 1-4 Lot Size 1.2476± acres* Building Size 40,768± SF, includes 4,000± SF mezzanine* Construction Brick masonry Current Use Vacant industrial Ceiling Heights 18 * Roof Flat rubber membrane Year Built 1946 Parking 0.39± acre area in front of building and small area along the back of the building B7: Mixed Development District Zoning -Allows for office, restaurant, hotels, retail, entertainment and other commercial uses Heat Oil/propane Sprinkler Yes *Per city assessor records
PARCEL 4 82 HANOVER STREET & 158 KENNEBEC STREET *Artist renderings are not to scale and are for informational, conceptual purposes only. All dimensions and specifications are estimates. Nothing depicted in renderings has been permitted or approved in any way by any party. Buyers should independently verify any information provided herein.
PARCEL 5 65 HANOVER STREET & 52 ALDER STREET Details Legal Description Map 33, Block C, Lots 3 & 15 Lot Size Building Size Current Use 0.4654± acres* 13,009± SF* Vacant industrial Ceiling Height 20 * Roof Flat rubber membrane Year Built 1946, 1951 Heat Parking/ Additional Land Sprinkler Zoning Oil 0.30± acre parking lot adjacent to the building Yes B2b: allows for neighborhood & community retail; business & service establishments *Per city assessor records
*Artist renderings are not to scale and are for informational, conceptual purposes only. All dimensions and specifications are estimates. Nothing depicted in renderings has been permitted or approved in any way by any party. Buyers should independently verify any information provided herein. PARCEL 5 65 HANOVER STREET & 52 ALDER STREET
178 KENNEBEC STREET PARCEL 6 Details Legal Description Map 34, Block F, Lot 1 Lot Size 0.2217± acres Lot Dimensions 141 x 72 Lot Frontage 141 Height Limit 105 Parking Requirement None Density None Zoning B7
BAYSIDE TRAFFIC REALIGNMENT/EXTENSION
HEIGHT OVERLAY MAP
COMMERCIAL PRESENCE IN BAYSIDE Bayside Village Apartments Proposed Midtown Development Schlotterbeck & Foss Apartments SITE
THE BAYSIDE AREA IN THE NEWS I like the visibility there, and the positive energy that is very obvious in that area. Bayside is clearly on the upswing... -Portland Press Herald, 1/20/17 The area has seen considerable investment in recent years... -Portland Press Herald, 7/9/15 A rising star... -Bangor Daily News, 2/17/13 It s on the peninsula. It s where the action is. -Mainebiz, 4/4/16 There s no place in the world I d rather do business than in Bayside and in Portland. -Mainebiz, 3/17/17 The Boulos Company
PORTLAND, MAINE DEMOGRAPHICS 50.2% MALE 49.8% FEMALE 40.9 AVERAGE 28.9% BACHELOR S $63,826 AVERAGE IN- 2016 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS POPULATION 21,786 72,941 1110,483 AVERAGE AGE 38.5 40.8 41.1 NO. OF HOUSEHOLDS 11,546 34,754 50,297 AVG. HOUSEHOLD $47,087 $64,653 $69,821 INCOME OWNER-OCCUPIED 2,044 15,055 25,737 HSG UNITS AVG. HOME VALUE $363,786 $307,777 $305,683 TOTAL NO. OF BUSI- NESSES 5,440 9,271 13,213
Top Ten Places to Live Now Men s Journal Top 15 Best Beer Cities in America Thrillist America s Most Livable City Forbes Magazine Top Fifteen Best Places to Live in the U.S. Outside Magazine America s Foodiest Small Town Bon Appetit World s Best City for Craft Beer Matador Network Best Adventure Town in The East Outside Magazine Top Ten Best Cities for Food in the USA Travel+Leisure CONTACT NATE Nate Stevens Associate Broker +1 207 553 1702 D +1 207 272 2385 C nstevens@boulos.com CONTACT VINCE Vince Ciampi Associate Broker +1 207 553 1794 D +1 207 756 4563 C vciampi@boulos.com 2017 The Boulos Company, Inc. - We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. We represent the Seller/Landlord, and, as such, has a fiduciary duty to disclose to the Seller/Landlord information which is material to the Sale/Lease, acquired from the Buyer/Tenant or any other source, except in cases of disclosed dual agency. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. The Boulos Company