Sale of Free Street buildings leads to new tenants, facelift for Old Port block
Photo / Paul Koenig
J.B. Brown & Sons purchased 22 Free St. and the ground floor and lower level of 2-16 Free St. in Portland earlier this year.
Courtesy / Fore River Co.
J.B. Brown & Sons also purchased 48 Free St. in Portland.
The purchase of two buildings and the ground floor of a third on Free Street in Portland is resulting in to new tenants and upgrades for the historic buildings.
Earlier this year, J.B. Brown & Sons finalized the purchase of 22 Free St., 48 Free St. and the ground floor and lower level of 2-16 Free St., as well as an interest in a parking lot next to 48 Free St., for $7.25 million.
Since then, the company has performed upgrades and, over the past six months, pulled in new tenants, accomplishing nearly 100% occupancy except for some lower level space at 48 Free Street that remains available.
At 22 Free St., El Rayo Taqueria, which closed its York Street location earlier this fall, plans to open in the early spring of 2016, and J. Henry, a hair salon, opened in August.
On the Free Street level of the 2-16 Free St. building, the footprint of resale clothing store Find has been expanded, and plans are in the works to expand space for another existing tenant, Pinecone+Chickadee, an eclectic gift store.
Upgrades are underway along the stretch of storefronts, removing some defunct doorways and otherwise bringing the stretch back to a more historic-looking condition. In the lower level portion of the building that faces Spring Street, Rhum, a tiki bar and restaurant, will open later this year.
The building, with the upper stories owned and occupied by the law firm Jensen Baird, was built in 1866. J.B. Brown plans to move its offices into the building in December and will share an updated main lobby with Jensen Baird.
J.B. Brown’s president and CEO, Vincent Veroneau, said he expects over $500,000 will have gone into upgrades and renovations at the buildings by the time the company is finished.
“We understand historic buildings, how they operate, and what needs to be done to keep them relevant,” Veroneau said. “Free Street has been overshadowed by the Old Port, so we thought there was an opportunity to give the street a facelift and attract more foot traffic to the area.
The storefronts and main lobby of 22 Free St., built between 1850 and 1905, are also being refurbished; upgrades to the woodwork will make them more historically accurate, and a new entrance is being added for J. Henry that shifts the hair salon’s access from the main building lobby to a direct street entrance. The storefronts are all being painted and the main lobby will have new flooring, lighting and wall coverings.
The 48 Free St. building, which has a mural on its east side, has about 30,000 square feet of space and was built in 1910. Primarily an office building, a couple of vacant offices have been filled. Upgrades to the lobby will be performed, which includes lighting, moldings and flooring, Veroneau said. Mainebiz is a tenant at 48 Free St.
The parking lot adjacent to 48 Free St. also offers future development opportunities, Veroneau said, but there are no current plans. He said existing tenants will not see any changes in how the buildings are managed.
“These historic buildings need to be upgraded from time to time in order to present a professional image so that tenants want to be there. Older buildings take a lot more attention,” he said. “It’s like an old car: They can offer a great experience, but need a bit more care and attention.”
J.B. Brown has a ton of history in Portland itself. It previously owned much of the block back in the 1800s and early 1900s, Veroneau said.
Established in 1828, J.B. Brown is one of the oldest and largest property owners in the greater Portland and surrounding areas, today owning, leasing and managing more than 30 commercial properties that include office, warehouse, manufacturing, retail, parking lots and mixed-use buildings.
Read more
Most Recent
Most Recent
Comments