advertisement
October 30, 2018

Thompson's Point closes on key Suburban Propane property

Photo / Peter Van Allen
Photo / Peter Van Allen
Thompson's Point developers have completed a complex financing effort to relocate Suburban Propane from Thompson's Point to Riverside Street in Portland.

Thompson's Point developers have completed a complex financing effort to relocate Suburban Propane from Thompson's Point to Riverside Street in Portland.

The Oct. 26 closing concludes a process that began in 2010 and involved the subdivision, permitting and purchase of a city-owned parcel at 636 Riverside St. in Portland earlier this summer, together with the acquisition of Suburban's three-acre parcel at Thompson's Point adjacent to the Portland Transportation Center.

Beginning in early November, Thompson's Point developers Chris Thompson and Jed Troubh will begin construction of Suburban's new facility at Riverside Street. Upon completion of the facility, Suburban will complete its move, leaving its former location at Thompson's Point available for redevelopment and integration into the larger Thompson's Point master development plan.

Troubh described the closing as a significant "milestone" in the Thompson's Point redevelopment project.

" We have been working with Suburban Propane, as well as the city of Portland, on this relocation since 2010," he said in a news release. "Suburban and the city have been great partners in this effort and we are excited to have reached this point that we've all worked so hard to get to for all of these years."

Suburban's Riverside facility will be comprised of a new office building, garage building and storage building, and will be completed in summer 2019. After Suburban takes occupancy of its new space, Thompson and Troubh will demolish the existing buildings at Thompson's Point, with the exception of a historic brick building that will be renovated.

"The building that Suburban has occupied was the Maine Central Railroad's office building," Thompson said. "We plan to renovate the building for an office tenant, and have immediate plans to construct a mixed-use building adjacent to it which will accommodate expansion space for one of our tenants, together with several floors of office space with shared amenities, additional parking, and future development pads."

The master plan calls for the development of additional buildings on this parcel, including office and residential, together with a parking garage.

Bangor Savings Bank is the lender for the project.

Transforming a derelict railroad yard

Courtesy / Bruner/Cott & Associates
Courtesy / Bruner/Cott & Associates
A rendering of the new Children's Museum & Theatre of Maine building planned for Thompson's Point.

Since Thompson and Troubh began their redevelopment efforts in 2009, the 30-acre Thompson's Point property has evolved from a derelict former railroad yard into a vibrant, mixed-use neighborhood bringing together a wide variety of Maine companies and family-focused entertainment.

Thompson's Point is home to a successful 8,000 person summer concert venue in partnership with the State Theatre that takes advantage of its expansive lawn and views of the Fore River. The "Brick North" building is home to Big Room Studios, Bissell Brothers, Cellardoor Winery, Color Me Mine, Halo at the Point, the International Cryptozoology Museum, Locally Sauced, and Stroudwater Distillery. The "Brick South" Event Venue (accommodating events of all kinds up to 2,500 people), and a seasonal outdoor ice skating facility with a large rink as well as a dedicated kids' rink.

Additionally, the Children's Museum and Theatre of Maine will be moving to the site with a newly constructed building expected to open in 2020. Thompson and Troubh also plan to move ahead in 2018 with the 148-room "Hotel Portland," part of the Tribute Portfolio by Marriott.

Comments

Type your comment here:

Today's Poll Is CMP’s proposed $950 million New England Clean Energy Connect project a good deal for Maine?<>
ADVERTISEMENTS
Most Popular on Facebook