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January 6, 2015

Portland Technology Park to get first tenant

The city of Portland has successfully attracted its first tenant, an Auburn-based insurance company, to the city's year-old technology park.

The Bangor Daily News reported that Patrons Oxford Insurance Co. has reached an agreement to buy a 3.47-acre lot at the Portland Technology Park for $625,000 — a move that will nearly offset the city's investment in creating the park.

Patrons will relocate its 40 employees there after it constructs a 20,000-square-foot building on the lot, with expansion possibilities in the future. Mark Pettingill, Patrons' CEO, said the location will "accommodate [the company's] increasing staff of professionals as well as place us in an area of growing economic development."

The sale leaves the Portland Technology Park, which is accessible from Exit 47 from the Maine Turnpike and Rand Road, with two remaining development sites. A second phase of development will open up four more sites.

Read more

Portland's Greg Mitchell makes the case for economic development initiatives

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