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November 14, 2023 at 6:00 am · · Comments Off on 4 ways to plan for a better 1031 exchange process

4 ways to plan for a better 1031 exchange process

By: Dannielle Lewis, Teri Samples | Partners at Wipfli

1031 exchanges are common in the real estate world. However, they are often wrought with hidden complexity that can quickly send a straightforward project into chaos.

Here are four common mistakes to avoid when planning and executing your 1031 exchange:

1. Comingling personal property

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers were allowed to do 1031 exchanges on both personal and real property. However, personal property can no longer be part of a tax-deferred exchange post TCJA.

Initially, this led to complicated questions regarding how real property is defined. Much of this was answered by regulations that became final in 2020.

The regulations are fairly taxpayer friendly but are not without their own complexities. Many still comingle their 1031 exchanges with personal property and end up recognizing gain as a result. In the worst scenarios, this can ruin the exchange.

If you are selling any real property that has personal property in it, connect with your certified public accountant (CPA). They can help you determine the best way to break out personal property from the rest of the property so that it doesn’t affect your exchange.

2. Missing the 1031 timeline

Missing the prescribed timelines is another commonly seen mistake in 1031 exchanges.

A 1031 exchange must generally adhere to the following timeline from the date of the sale of the relinquished property:

  • 45 days to identify a property
  • 180 days to complete the exchange

The best advice is to know your replacement property prior to selling the relinquished property.

Since this can be challenging, people often try to close deals too quickly. They miss the important step of identifying the properties in time, or they schedule the closing too late.

3. Confusing different roles

For some 1031 exchanges, tax issues aren’t discovered until the return is being completed.

The taxpayer may be relying on their qualified intermediary (QI) to identify any issues with the 1031 exchange itself. However, that is not necessarily their role.

It is important to understand what advice your QI is giving you and what their role is in the exchange. While they may have all the information that pertains to your exchange, they generally never provide any tax advice. To ensure you have a valid 1031 prior to closing, you need to meet with your CPA. Finding out a tax issue too late can make it unfixable.

On the other hand, if errors are discovered early on, you can either restructure the deal or even invest your gain dollar in an opportunity zone fund instead.

4. Overlooking partnerships

Another common mistake to avoid is with partnerships.

Often, issues with partnerships involve two partners who want to roll proceeds from a property that has been held for several years into another property, while the third partner wants to cash out.

Depending on when this situation comes up, it could create a lot of issues for the exchange, especially when an alternative structure is rushed too close to closing.

It’s important to look at your real estate holdings and ownership each year to determine if your partnership is still on good terms or if you think one of the partners will want to exit.

Planning allows for more time to work through an ownership structure that will facilitate a 1031 exchange, while ensuring each partner is able to achieve their end goal.

How Wipfli can help

At Wipfli, our team is here to help you navigate the complex regulations surrounding 1031 exchanges. We’ll help you understand your eligibility and tax consequences so that you can plan with confidence.

Contact us today to get started with your exchange.

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Original article posted on January 17, 2023:

October 20, 2023 at 10:19 am · · Comments Off on Nominations Now Being Accepted for MEREDA’s 2023 Notable Project Awards

Nominations Now Being Accepted for MEREDA’s 2023 Notable Project Awards

Deadline Extended!  Each year, MEREDA identifies and recognizes the most noteworthy and significant Maine commercial development projects from the previous year, all of which embody MEREDA’s belief in responsible development. Nominations are still being accepted for MEREDA’s Notable Project Awards. The recipients will be recognized in 2024.

In order to be considered, all projects must be submitted via the Notable Projects Application Form, which can be downloaded here: 2023 Notable Project Awards Nomination Application. (Clicking this link will download a Word Document to your computer.)

Nominations are due December 31, 2023. Please submit completed forms to Shelly R. Clark at

Entries received after December 31st will not be considered.

September 26, 2023 at 6:00 am · · Comments Off on Downtown Portland Class A Office 2023 Mid-Year Update

Downtown Portland Class A Office 2023 Mid-Year Update

By Samantha Marinko | Associate, The Boulos Company

This time last year, I made reference to “the current stalemate in the market,” referring to the minuscule variance in the vacancy rate for downtown, Class A office buildings in the six months prior.

This year, I have a similar report.

In January of each year, The Boulos Company compiles data in order to develop a comprehensive analysis of the vacancy rates of office buildings. In particular, we focus on the 25 Class A office buildings in downtown Portland, which include over 2.4 million square feet of space.

At the time that report was published, the vacancy rate for space on the market for direct lease was 3.75% or 90,527+/- SF. That square footage was derived from five 10,000+ SF spaces and a handful of smaller vacancies.

Currently, the vacancy rate is 3.45% or 83,391+/- SF, and still, that is attributed largely to five 10,000+ SF vacancies.

Though at only 0.3% there hasn’t been a change of much significance with the direct vacancy, the sublease rate reflects a bigger shift, and likely a greater trend that we will continue to see in the coming months and years. The sublease vacancy rate in January was 4.59%; the current rate is 6.37%. Although that’s still relatively low and could be considered healthy, the 1.78% increase in just six months is suggestive of a trend we are likely to see more of.

The lack of a shift in the direct rate is a relatively clearcut story – no absorption of much significance, no new vacancies of much significance.

However, there is even more to the sublease story than the number alone can reflect, because there was in fact some absorption of the sublease vacancy reported in January. 100 Fore Street, for example, had 15,458+/- SF available for sublease as reported six months ago. That space has been leased by a new tenant, therefore removing that SF from the updated total, and yet, the number has still increased quite significantly. That means that the new sublease availabilities are even more substantial than the increased rate reflects.

This will be something to keep an eye on. As the dust from the pandemic continues to settle and leases begin to roll, tenants will be forced to make a decision as to how they consider their space needs and we will see those decisions reflected in the vacancy rates moving forward.

Original article posted July 28, 2023, 

July 25, 2023 at 6:00 am · · Comments Off on Maximizing energy tax credits for RE developers

Maximizing energy tax credits for RE developers

By Anita S. Mahamed, Dannielle Lewis, Teri Samples | Partners at Wipfli

The real estate industry can greatly benefit from energy tax credits and the changes made in the Inflation Reduction Act. As sustainability and environmental responsibility become increasingly important priorities, incorporating energy-efficient features into real estate projects not only reduces operating costs but also enhances the property’s value by helping the project stay green.

These recommendations can help real estate developers take advantage of energy tax credits to maximize their returns while contributing to a greener future.

Integrate renewable energy systems
Incorporating renewable energy systems into real estate projects is a great way to leverage energy tax credits. Installations such as solar panels, geothermal heating and cooling systems, wind turbines and energy storage solutions can qualify for significant tax credits. By integrating these systems, developers and real estate owners can reduce utility costs and generate additional revenue through excess energy production.

Additionally, they may be able to sell the tax credits to provide additional equity for their deals. But the requirements for obtaining the credit are complex.

Here is an example of how the credit is calculated: A taxpayer develops a building and has solar units installed on the roof. The cost of the solar panels is $260,000. The solar panels were installed to meet the prevailing wage and apprenticeship requirements. In this situation, the taxpayer will be eligible for a $78,000 tax credit and the solar panels basis that is eligible for bonus depreciation is $221,000.

Explore energy-efficient upgrades and retrofits
Designing energy-efficient buildings can allow for substantial tax benefits. Energy tax credits are available for structures that meet certain energy performance standards and use energy-efficient technologies. Developers should focus on optimizing insulation, lighting systems, HVAC and building envelope components to enhance energy efficiency. By implementing energy modeling and using high-efficiency materials and systems, developers can qualify for tax incentives.

The incentives aren’t limited to new construction. Real estate developers can take advantage of energy tax credits through retrofits and upgrades. Upgrading existing buildings with energy-efficient windows, lighting, HVAC systems and insulation can make them eligible for tax credits.

These particular improvements may allow developers and real estate owners to take advantage of either a Sec. 179D tax deduction or a Sec. 45L credit. As an example, in July 2023, a developer created a new, four-story, 208-unit apartment complex. During 2023, it reached full occupancy and the property leased each unit. The apartment building also qualified for the federal Zero Energy Ready Home program and met the prevailing wage requirements. This means that they are eligible for a Sec. 45L credit of $5,000 per unit, equaling a total of $1,040,000.

How Wipfli can help
Navigating the energy tax credits may require the assistance of tax professionals and sustainability consultants. Wipfli advisors can provide guidance on eligibility criteria, documentation requirements and optimal strategies to maximize tax benefits. We can also help with energy modeling, project certification and ensuring compliance with applicable regulations. Most importantly, we can help you determine the best use of your equity for your deal before you spend it, bringing our specialized tax knowledge to help guide your decision-making to support your business through changing environmental policies.

Learn more about our tax services supporting the construction and real estate industries.

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Original article posted on June 8, 2023:

June 27, 2023 at 6:00 am · · Comments Off on Maine’s Housing Shortage Conundrum

Maine’s Housing Shortage Conundrum

By John Finegan | Associate Broker, The Boulos Company

Like many states across the country, Maine has a housing crisis. The ripple effects of COVID and the needs of asylum seekers have created an influx of people coming to Maine. Simultaneously, the average number of people per household is shrinking, and this exacerbates the demand for additional housing units. New construction is not going to solve the problem quickly, as construction hard costs are at all-time highs and developers find themselves quickly buried in complex bureaucratic processes and the attendant soft costs, which make construction harder and more expensive. Meanwhile, interest rates are the highest they’ve been since 2002, both increasing the cost of construction and decreasing what a buyer can pay for a home.

The housing crisis is a supply and demand issue. We have a lot of demand and not enough supply, and when that happens prices go up. MaineHousing has estimated that Maine needs 20,000 – 25,000 new housing units to meet demand, 9,000 in the Portland area. Until supply and demand are in equilibrium, we will continue to see housing prices increase.

The only way to end our housing crisis is to build more housing.

Housing is built by for-profit developers (FPDs) and nonprofit developers (NPDs). NPDs finance their developments by leveraging federal, state, and local funds, including the low-income housing tax credit program. NPDs typically build affordable housing, creating housing for some of the most vulnerable people in our community. NPDs are limited, however, both by the amount of available funding and because the process for receiving those funds and tax credits is complex and requires a sophisticated developer.

To build more affordable housing, voters need to support policies and politicians that allocate more funds to NPDs as they did this past November across the country.

For profit developers typically do not take advantage of public funds. FPDs assess whether a project is worthwhile based on construction inputs and projected revenue. Construction inputs include hard costs (such as raw materials, labor, and land) as well as soft costs (such as engineering, permitting, legal, and accounting fees). Projected revenue is determined by estimating what a project will sell or lease for once completed. FPDs put these numbers into a proforma to estimate a return on investment for the project.

FPDs are constrained by the realities of the marketplace. They need to be able to give their financiers—banks, pension funds, private equity investors—an adequate return on their investment based on the risk profile and other investment alternatives. If they can’t, the project “doesn’t pencil,” they can’t get funding, and the project doesn’t get built.

To build more housing by FPDs, construction costs need to go down and/or projected revenue needs to go up.

On average, the hard costs of construction increased 35% from January 2020 to September 2022. The increase in the cost of housing in new developments can be traced directly to this. Additionally, the volatility in hard costs has created a great deal of risk for developers, contractors, and sub-contractors who make decisions based on quoted prices with little assurance that those quote prices will be accurate once the costs are incurred. A labor shortage has also made staffing construction sites difficult. The unknowns of future construction prices and hard costs, coupled with uncertainty of labor, adds risk to any development which have killed several projects in Southern Maine over the past two years.


The only way to lower these hard costs—or reduce their escalation—is for supply chains to normalize. In Q3 of 2022, hard cost escalations slowed and a recent study found that escalation should stabilize to 2–4% annual increases by 2023–2024. There is not much that we as individuals or as a community can do to control construction hard costs.

Soft costs are construction costs that are not related to raw materials, labor, or the physical building of the project. They include architectural drawings, environmental certifications, engineering studies, financing, legal fees, and any regulatory costs. Many of these soft costs are necessary. You can’t build a building without architectural plans, for example. However, some soft costs can be altered through policy. Fee-in-lieu costs, permitting fees, impact fees, etc. are government imposed costs that can be reduced or altogether removed to lower construction costs and allow more developments to be built. The June 2022 report by the National Multifamily Housing Council found that regulations imposed by all levels of government account for an average of 40.6% of multifamily development soft costs. None of this goes into actually constructing the units.

In Portland, a mandatory inclusionary zoning ordinance requires developers to make 25% of units in any 10+-unit development affordable, or pay a fee-In-lieu of $162,339 per affordable unit. This is effectively a tax of $40,585 per unit when the 25% requirement is spread across the entire project. It’s a prime example of how unnecessary regulatory costs can kill a housing project and discourage development.

The recent increase in interest rates also plays a substantial role. Higher interest rates increase the rates on construction loans, reduce the affordability of homes for buyers, and drive up the rents required to support a project.

Developing housing is a numbers game, and projects must pencil to be built. Hard costs have gotten more expensive, but those are market realities and out of our control. Some soft costs, on the other hand, are unnecessary costs associated with regulations. Reducing or removing them can make housing creation less expensive and trigger new construction in the market.

Portland, Brunswick, Yarmouth, Freeport, Scarborough, South Portland, and Falmouth all have some form of housing regulation, either in place or being discussed. These policies have traceable, quantitative consequences, which make soft costs more expensive, killing projects. They also have a qualitative impact. Nationally, 47.9% of developers said they won’t even consider projects in jurisdictions with inclusionary zoning requirements, while 87.5% avoid working in jurisdictions with rent control.

Liberalization of zoning laws to allow for more density, taller height restrictions, smaller off-street parking restrictions, smaller impervious surface restrictions, and smaller setbacks allow developers to get more units onto the same amount of land. More units mean more revenue, and that means a greater likelihood that a project will make economic sense and be built. The Boston Fed’s New England Policy Center said that allowing more density, combined with relaxing height restrictions is the “most fruitful policy reform for increasing supply and reducing multifamily rents.” Economists from UCLA and the Legislative Analyst’s Office of California found that building new market rate housing lowers the cost of housing in cities for everyone.

In April 2022, Maine passed LD 2003 which will go into effect in July 2023. Once in effect, the bill will allow property owners to build accessory dwelling units in residential areas and allow up to two units on a lot zoned for single-family housing. For larger communities with designated “growth areas,” up to four units could be allowed. Additionally, the bill allows for a 2.5x density bonus for developers who hit affordability requirements.

It will be interesting to see how LD 2003 plays out in 2023. It may encourage developers to reevaluate developments based on the new density, and those developments may prove economically feasible and get built.

Westbrook, a town that has been welcoming towards developers, currently has 1,301 housing units in planning review. As of November, 2022, in Portland, where the fee-in-lieu effectively taxes 10+-unit developments, there are under 300 housing units in planning review. A clear slowdown has occurred since Portland increased its inclusionary zoning requirement in 2020. What does this tell us? Housing creators go where they’re wanted and where there are fewer economic barriers. If we want to be proactive in ending our housing crisis, local governments need to enact policies that incentivize development, not make it more expensive.

To end the housing crisis, more housing must be constructed. For more housing to be constructed, many things have to fall in line for projects to start making financial sense. Many of these factors are out of our control, but enacting policies that incentivize development is not.

Original article posted March 3, 2023,

January 15, 2020 at 11:10 am · · Comments Off on Workforce Shortage Among Factors Affecting Maine’s Real Estate Market, Says Trade Group Head

Workforce Shortage Among Factors Affecting Maine’s Real Estate Market, Says Trade Group Head

Maine, like the nation, has now seen economic growth that’s gone on unbroken for over a decade. That growth has been reflected in real estate development around the state. Will it continue? The question will be explored Thursday at an annual conference of the Maine Real Estate and Development Association, known as MEREDA.

Maine Public’s Morning Edition host Irwin Gratz talked with MEREDA President Gary Vogel, who said last year that Maine real estate might have been on a “precipice.”

Click the Link Below to Read This Article


January 22, 2019 at 9:38 am · · Comments Off on MEREDA forecast: Modest growth expected, but concern over what’s ahead for the economy

MEREDA forecast: Modest growth expected, but concern over what’s ahead for the economy

The Maine Real Estate and Development Association’s annual outlook conference attracted more than 1,000 people on Thursday.

Coming off a particularly strong year, the forecast in various sectors was cautiously optimistic. There is business on the books for contractors, home prices are still on the rise and commercial and industrial space are in demand. The MEREDA Index was up slightly.

Click here to read the full article by Mainebiz

May 29, 2018 at 3:43 pm · · Comments Off on MEREDA honors top 10 “Notable Projects”

MEREDA honors top 10 “Notable Projects”

The Maine Real Estate & Development Association (MEREDA), the state’s leading organization for responsible real estate development, honored the top ten real estate developments in Maine in 2017, and honored representatives from each with a prestigious “Notable Project” award at its conference in Portland on May 16.

“The MEREDA board of directors selected exemplary projects from across the state, completed in 2017, which not only embody MEREDA’s belief in responsible real estate development, but also exemplify best practices in the industry, contributing to excellent jobs and increased tax bases for our cities and towns,” said Paul Peck, MEREDA board president and real estate developer. “We considered more than 50 worthy projects, following our selection criteria to narrow the list to ten award winners.”

Each of the ten winning projects was selected based upon criteria including: noteworthy and significant project completed* in 2017 (*Building Occupancy Permit must be issued by 12 31 17.), environmental sustainability, economic impact, energy efficiency, social impact, uniqueness, difficulty of development and job creation.

Highlights of each of the ten honorees are listed below.

  • Anew Development’s 65 Munjoy Street in Portland: “65 Munjoy Condominium is a three-story, walk-up building offering eight high-quality, and amenity rich units in a range of 1, 2 and 3-bedrooms. 65 Munjoy presents the best of modern design and materials while respecting the traditional architectural forms, organization and massing that characterize Portland’s Munjoy Hill. 65 Munjoy is a unique and innovative response to Portland’s need for quality, efficient, ownership housing that is attainable by middle-income buyers. While the high quality and amenity rich units at 65 Munjoy appeal to buyers at any segment in the market, they were offered at reduced price points and made available exclusively to middle-income households.”
  • Tedlum Associates’ Aura in Portland: “Aura is the transformation of a 1960s-era nightclub into a sophisticated, high-tech performance venue in the heart of downtown Portland. After nearly 20 years in business, Aura’s owners wished to expand and modernize its iconic entertainment venue, formerly known as Asylum. This “labor of love” presented many logistical challenges, including a tight urban footprint in a historic district, and the need to fast-track the project to keep staff employed during construction.”
  • Portland Housing Authority & Avesta Housing’s Bayside Anchor in Portland: “This is a 45-unit, mixed-income, mixed-use Passive House Building located in the heart of the East Bayside neighborhood in Portland. The building has nine market-rate units and 36 affordable units targeted for individuals and families making between approximately $23,000 and $49,000 annually. Bayside Anchor is a service hub for low-income residents in East Bayside, giving the project its name as a stabilizing ‘anchor’ for the community. The street level is home to a Head Start preschool program and Community Policing and PHA offices. Bayside Anchor is PHA’s first new development in 45 years, and a first step in revitalizing their properties in this neighborhood. These homes, along with the community services Bayside Anchor offers, will further enrich this already vibrant neighborhood.”
  • RBDD Cliff House Acquisitions’ Cliff House Maine in Cape Neddick: “The iconic Cliff House Maine, sitting on the edge of Bald Head Cliff in Cape Neddick, has been welcoming guests since 1872 but reemerged recently as one of the most captivating waterfront resorts of its kind. Leading investment firm, Rockbridge partnered with Maine hoteliers Marc Dugas and Peter Anastos to create RBDD Cliff House Acquisitions, LLC which purchased the property in 2014. The resort has been thoughtfully reimagined with extensive renovations and expansions to capture the best of Maine in every season. The resort recently completed a landmark transformation across 70 oceanfront acres. Cliff House reopened with newly designed guest rooms and suites, over 25,000 square feet of new meeting and event space, including a new cliffside ballroom, oceanfront dining and bars, indigenous landscaping, and many other enhancements. A new luxury spa and wellness center added to the already lengthy list of resort amenities.”
  • Augusta Housing Authority & Developers Collaborative’s Hodgkins School Apartments in Augusta: “The Ella R. Hodgkins Intermediate School was constructed in 1958 as part of a comprehensive school building campaign in Augusta, to improve the quality of education for students of the city. The school is on the National Register of Historic Places, and is significant architecturally as an intact example of a modern, mid-century school building following the most recent trends in design and construction. While the building was vacant vandals broke skylights along with a considerable amount of the ridged glass block in the rear façade. Fortunately matching glass block was sourced to replace the damaged ones. Hodgkins School was one of the first buildings of its kind to be evaluated by the National Park Service that contained a large amount of glass block in its facade. Making this building not only unique to Maine, but also to the entire U.S.A. The NPS approval process for the glass block details required setting a precedent for future historic renovations of this era throughout the U.S.A. and thus required more than typical dialog between SHPO, NPS, Owner, and MaineHousing. This historically significant school was renovated into Hodgkins School Apartments resulting in 47 apartment units for low income elderly.”
  • The Szanton Company’s Huse School Apartments in Bath: “Huse School Apartments involved the renovation of the former John E.L. Huse Memorial School, built in 1942 and 1949 in Bath. The elementary school was re-purposed to create 31 apartments and added a new construction wing with 28 apartments, for a total of 59 units. The project was financed using a combination of affordable housing tax credits and historic tax credits. The project provides quality affordable and market-rate apartments with amenities such as an elevator, fitness room, community room in a part of the re-purposed gym, laundry room, and more. Nearby amenities include Bath’s modern YMCA, the 5-mile Whiskeag Trail, and the bus line. Downtown Bath (with all of its services and attractions) is a half mile walk from the Huse School.”
  • Avesta Housing’s Huston Commons in Portland: “Huston Commons is a Housing First development for 30 disabled individuals who have experienced chronic homelessness. Through a unique series of nonprofit collaborations, Huston Commons provides essential 24-hour support services, including a medical care room to accommodate regular practitioner hours and telemedicine services for residents, all of whom have disabilities. Avesta Housing is the developer and property manager for Huston Commons, and Preble Street provides the 24/7 supportive services. The project includes a partnership with Greater Portland Health to address specific health concerns and more generally ensure that residents have access to the health and personal care services that medically-compromised individuals typically benefit from in their homes. The onsite medical care room allows Greater Portland Health to schedule regular practitioner hours and telemedicine services for use in treating residents. Portland Housing Authority provides federal project-based rental assistance to all of the residents to make the rent affordable.”
  • NewHeight Group’s Luminato in Portland: Luminato is 24 market-rate units ranging from 1 to 3 bedrooms at prices that ranged from the mid $200,000s to more than $1,000,000. Luminato embraces and promotes the concept of “living light” as part of a sharing economy philosophy. Twelve one-bedroom units under 740 square feet were included in the design. All home owners benefit from the shared amenities – a guest room they can reserve for overnight visitors, a lounge for quiet time or small meetings, a well-equipped fitness room, and a roof deck with 360 degree views surrounded by a beautiful natural green roof. Intended to enable city dwellers to “buy small while living large,” Luminato residents enjoy forward-thinking features that help make day-to-day life hassle free—a dedicated mailroom where deliveries are out of sight and secure, indoor parking and racks for bikes, skis and paddles. Being the first to apply under the inclusionary zoning required creativity and engagement of several organizations. The Luminato project team collaborated with Community Housing of Maine to workforce housing units on a contiguous parcel versus contributing to the city housing fund. Luminato was the first newly constructed building in the Urban Transition district under the new India Street Neighborhood Form Based Code, creating an interesting facade with angled walls, inset decks, and as it gets taller, terraces that are surrounded by green roof that also provides the storm water management system.”
  • Chinburg Properties’ Saco Mill #4 in Saco: “Saco Mill #4 is a mill redevelopment project that created 150 market rate apartments and 30,000 square feet of leasable commercial space. The project was an adaptive re-use of a long vacant mill building situated on Saco Island in the Biddeford-Saco Mills Historic District. The development team restored the mill to National Park Service standards. The four-story, 240,000 square foot 19th century mill was acquired by an affiliate of Chinburg Properties in December 2014. Construction began in September 2015. The apartments were completed in two phases, with the first 93 apartments completed on April 1, 2017 and the remaining 57 apartments completed on June 1, 2017. The apartments feature exposed brick and timber ceilings, beams and columns, polished concrete floors with radiant heat, kitchens with granite countertops and stainless steel appliances. The building also includes amenities such as a club room, roof-top deck, fitness center, dog wash & groom room, cyber lounge, café, and conference room. The commercial space at Saco Mill #4 includes Coldwell Banker Residential Brokerage and other locally owned small businesses. The project is noteworthy due to its sheer size, its recognition of the strong demand for downtown living outside of Portland, and the joint efforts of the developer, the City, and the developer’s financing team led by Maine-based Camden National Bank and Coastal Enterprises, Inc. to make the project a reality.”
  • Zachau Construction for the Tyler Technologies expansion in Yarmouth: “Founded in 1966, Tyler Technologies is the leading provider of end-to-end information management solutions and services for local Government. Purchased from Cole Haan in 2008, the original 87,000 SF office building is located on Route 1 in Yarmouth. With offices throughout the country, Yarmouth is home to the Enterprise Resource Planning and School divisions. The campus also houses the company’s cloud-based services and is the location of several top executives including CEO & Chairman of the Board, and Falmouth native, John Marr. Jr. For Tyler Technologies, the expansion project represents the heart of a strategic growth plan that includes hiring 550 new employees by embracing Maine’s loyal workforce while positively impacting the community. The objective was clear; design and build a state-of-the-art office building that would provide workspaces and the technology infrastructure for people to collaborate, work, and play.”

For a complete list of honorees with full details, view this PDF.