COURTESY / Malone Commercial Brokers
The parking lot eyed for its development potential is seen here, outlined to the right of the Galt Block.
October 4, 2021
Maine Public buys Portland waterfront property for $10.8M, plans eventual move
Courtesy / Malone Commercial Brokers
Maine Public bought the century-old Galt Block and adjacent parking at 35 Commercial St. in Portland. The plan is to build a new facility on the parking lot and sell the building.
High visibility, access to transportation, and the chance to build and own a modern facility were top reasons for Maine Public Broadcasting Corp.’s purchase of a property on Portland’s waterfront.
The nonprofit media company, known as Maine Public, has bought 35 Commercial St. from EssexNorth Commercial LLC for $10.76 million. Joe Malone and Jennifer Small of Malone Commercial Brokers brokered the transaction.
The property comprises a century-old, 38,072-square-foot, five-story building called the Galt Block and an adjacent 34-space parking lot. They're located on the corner of Commercial and Franklin streets, across from the Casco Bay Lines ferry terminal and with a straight shot down Franklin to Interstate 295.
It's the parking lot that really caught Maine Public's eye.
“For many years, Maine Public has had the aspiration to replace our rented space on Marginal Way with a purpose-built facility that we would own,” the corporation’s chief business development officer, Cory Morrissey, told Mainebiz in an email.
“The existing rented location is overcrowded, and the studios are inadequate for the services we’ve added, including the 'Maine Calling' daily talk show, the Maine Classical radio network, and more Maine Public News reporting. A modern facility will expand our capacity to serve the Maine Public audience on all our media platforms.”
The plan is to build a new facility on the parking lot and to sell the building. Search parameters began with the premise of replacing an existing rented location in Portland. Other attractions, Morrissey said, included the site's suitability for new construction, high public visibility and ease of access for multiple modes of transportation.
“We have been carefully watching the real estate market for opportunities and have been working closely with Malone Commercial Brokers,” he said.
“The Portland waterfront is an exciting and vibrant area with high-tech development underway,” he said. “The new facility will be highly visible to the public, and the property has good access to Maine’s interstate system for our reporters, staff and visitors.”
Concrete plans are still to come.
“We are excited to have purchased this property and look forward to announcing plans and timeframe for the new facility as they are developed,” Morrissey said.
In addition to its facility at 323 Marginal Way in Portland, Maine Public has ones in Bangor, Lewiston and Augusta.
“This new location will replace our existing rented space on Marginal Way,” said Morrissey. “Maine Public will continue to maintain a physical presence in Bangor, Lewiston and Augusta for the time being.”
Funding for the purchase is coming from privately raised funds, he said.
Developer's death
The building began life as a warehouse once owned by Galt Block Warehouse Co,. according to mainememory.net.
The property was last on the market in 2019, when it was acquired by EssexNorth Portland LLC, whose managing member was New England developer Ara Aftandilian, who had planned a mixed-use redevelopment of the building.
Aftandilian has been responsible for projects in Portland like the AC Hotel by Marriott and Twenty Thames, a luxury condominium building at 20 Thames St., both on Portland’s eastern waterfront.
When Aftandilian died in August, his estate put the property back on the market, said Small.
The estate recently sold two other properties:
• 5 India St., a new 20,325-square-foot 24-unit multi-family building on Portland’s eastern waterfront, was acquired by J. Alfred Poor Block LLC for $6.1 million. Malone, Small and Peter Harrington, also of Malone Commercial Brokers, brokered the transaction.
• 18 Thames St., Unit B, a 1,800-square-foot commercial condo in Portland, went to Randolph LLC for $580,000. Malone and Small brokered the transaction. The condo is occupied by a coffee shop called Speckled Ax.
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Anonymous
October 5, 2021
Agree with the first comment. You'd expect such a non-profit to see the most affordable space in the middle of nowhere. This is surprising.
Anonymous
October 5, 2021
For those who think this purchase is frivolous.....check out the WGBH studio in the Boston Public Library and the WBUR CitySpace. If the new building includes a community space then it furthers the mission to engage the community in the news. Did the Portland Free Press do the right thing leaving the city community for cheaper real estate?
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