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July 22, 2025

Plans to develop a hotel in Portland's Fidelity Trust building moving forward

Fidelity building postcard Peter Van Allen / From Owen, Moore & Co. postcard A vintage postcard of the Portland's Fidelity Trust Co. building, which is expected to be redeveloped as a hotel.
By Tina Fischer

Development of a new Portland hotel — in the historic Fidelity Trust building at 465 Congress St. — is targeted to get underway this fall.

Owner Jim Brady told Mainebiz that he still needs to close on construction financing, but has applied for a building permit.

Brady is president of Portland-based Fathom Cos. and has a track record of developing hotels, including the Press Hotel and Canopy by Hilton, both in Portland.

If all goes according to plan, the Fidelity building redevelopment could be completed by summer 2027, Brady said.

The building dates to 1910 and when built was the state’s tallest skyscraper. It has had a range of tenants over the years, including M&T Bank, but recently has been vacant. Brady purchased it in the summer of 2024.

Plans call for 99 hotel rooms and suites, along with full-service food and beverage in the former bank lobby of the building, which Brady said is “spectacular.”

“We plan to have a wellness center in the lower level, incorporating many unique historic features including the original vault and also a workout facility,” Brady said.
 
The project was approved prior to the city’s hotel moratorium, but will be subject to inclusionary zoning fees for hotels, which Brady said will cost $4,831 per guest room, for a total of “just under half a million dollars.” The fees are dedicated to Portland’s fund that helps finance affordable housing projects. 

Brady said construction costs for the Fidelity Trust hotel “will exceed $30 million.”

The building sits prominently on Monument Square, an area which has recently experienced a number of vacancies, including the Time & Temperature building, and the city is wrangling with how to manage vagrancy, safety and cleanliness issues there. 

“While we are concerned with the current situation around Monument Square and the Congress Street corridor," Brady said, "we are feeling that with this significant investment, we'll be bringing people to the streets and adding life and energy with this building." 

He added that his team working with the city, residents and other property owners, "along with other local projects planned in currently vacant buildings, can make this a desirable, safe and thriving neighborhood for both residents and visitors again.”

Fathom Cos. also has approvals that predate the hotel development moratorium for a hotel and condominium complex at 385 Congress St., next to Portland City Hall, on the corner of Myrtle Street, but Brady said that project has no specific timeline yet.

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