MEREDA Blog

MEREDA’s Morning Menu – MEREDA Welcomes Dr. Habib Dagher, Executive Director, Advanced Structures and Composites Center, UMO

November 17, 2025

December 16, 2025 - 8:30 - 10:00 amBuffet Breakfast: 8:30-9:00 amProgram: 9:00-10:00 am Location: McGoldrick Career & Student Success Center35 Bedford Street, Portland, ME About the Event:Dr. Habib Dagher will provide ...

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Nominations Now Being Accepted for MEREDA’s 2025 Notable Project Awards

November 14, 2025

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 ...

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Conference guests in ballroom as presenter speaks.

MEREDA Opens Registration for its Annual Forecast Conference

November 10, 2025

Registration is open for the Maine Real Estate & Development Association’s (MEREDA’s) Annual Forecast Conference and Member Showcase, which will take place on February 26, 2026. The popular annual event draws ...

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Aerial view of Notable Project Receipient Nightingale & State Street Campus Redevelopment

The Right Equation for Responsible Development: Spotlight on Nightingale & State Street Campus Redevelopment (Portland)

November 4, 2025

MEREDA Recognizes its 2024 Notable Project Award Recipients - Each year, the Maine Real Estate & Development Association (MEREDA) recognizes some of the state’s most “noteworthy and significant” real estate ...

MEREDA Recognizes its 2024 Notable Project Award Recipients - Each year, the Maine Real Estate & Development Association (MEREDA) recognizes some of the state’s most “noteworthy and significant” real estate projects, completed in the previous year. The exemplary projects from across the state, completed in 2024, not only embody MEREDA’s belief in responsible real estate development, but also exemplify best practices in the industry, contributing to Maine’s economic growth by significant investment of resources and job creation statewide. This year, MEREDA honored projects from throughout the state, with each receiving special recognition at MEREDA’s 2025 “Notable Night” social celebration in May. In a multi-part series exclusive to the Maine Real Estate Insider, we’ll provide an up-close look at the most notable commercial development projects of the past year that are helping to fuel Maine’s economy in terms of investment and job creation. MEREDA is proud to recognize responsible development based upon criteria including environmental sustainability, economic impact, energy efficiency, difficulty of the development, uniqueness, social impact and job creation. Mainebiz also featured each of our Notable Project Recipients in their inaugural “Groundbreaking Maine” publication. Be sure to check it out! https://www.mainebiz.biz/special-edition/groundbreaking-maine-2025 MEREDA’s 2024 Top 9 recipients include: Firehouse Village, Firehouse Ventures & Avesta Housing (Scarborough) 99 Western Apartments, Mastway Development (Augusta) The Malone Family Tower, MaineHealth and Perkins&Will (Portland) Seaport Community Health Center, Penobscot Community Health Care (Belfast) Katahdin Woods and Waters National Monument: Tekαkαpimək Contact Station, Elliotsville Foundation (T3 R7 WELS) Vertical Harvest, Vertical Harvest Maine (Westbrook) Stacy M. Symbol Apartments, Westbrook Development Corporation (Westbrook) Nightingale & State Street Campus Redevelopment, NewHeight Group & Redfern Properties (Portland) Front Street Redevelopment, Portland Housing Authority (Portland) Please join us this week in celebrating Nightingale & State Street Campus Redevelopment. MEREDA: Describe the building and project. NewHeight Group & Redfern Properties: Redevelopment of the Mercy Hospital State Street campus into a high-density, mixed-income residential campus featuring 260 new apartments and 9 new homes, a self-storage facility, and several small retail spaces is an excellent example of smart growth. The project involved adaptive reuse of the historic hospital building, creation of outdoor public space in a shared woonerf, improvements to existing utility infrastructure, implementation of a Traffic Demand Management Plan to encourage and support alternative forms of transportation, and provision of a range of housing choice (market rate, affordable, and workforce), both for rent and for sale. In addition, the redevelopment transformed surface parking into housing, recreated the street wall along Winter Street, and stitched back together the neighborhood that had been divided when the hospital was built. MEREDA: What was the impetus for this project? NewHeight Group & Redfern Properties: 2Northern Light Mercy Hospital issued a Request for Proposals in July of 2018. NewHeight Group was invited to respond along with approximately 50 other firms. NHG submitted a proposal in November 2018 with development team members Community Housing of Maine and the Portland Housing Authority. In December of 2018, NHG was one of three teams invited to interview with the selection committee. In January 2019, NewHeight Group’s successful best and final proposal was selected. MEREDA: That sounds like quite a process. How long were you in the planning stages before construction started? NewHeight Group & Redfern Properties: In October of 2019 NewHeight Group executed the Purchase & Sale agreement with Northern Light Health. In December of that year, NewHeight Group entered into an agreement with Redfern Properties to complete the project as 50/50 partners. The acquisition was finalized in February of 2020 (just three weeks before Covid hit!), and the development team launched into rezoning the property, planning, permitting, extension of the period of significance for the existing National Register district, local historic approvals, Part 1 approval from the National Park Service, and hiring Zachau Construction as Construction Manager at-Risk. The project was granted full planning board approval in August of 2021. MEREDA: Tell us about the most challenging aspect of getting this project completed. NewHeight Group & Redfern Properties: This project had myriad challenges. Perhaps the largest was that Mercy Hospital, the primary building, was an operating hospital right up until construction start, so the development team was unable to do any exploratory demolition prior to construction start. The building was known to contain asbestos containing material (mostly pipe wrap), but exactly how much was unknown. The building’s low ceilings also presented significant design and coordination challenges. The project also included undergrounding of existing utilities to make room for three new buildings along Winter Street—an extraordinarily complicated undertaking in this location. MEREDA: Something unexpected you learned along the way was…. NewHeight Group & Redfern Properties: The development team was surprised to discover that what appeared to be original historic wooden columns buried in the walls were in fact made of concrete wrapped in a wooden veneer. While it is less surprising that many people feel a connection to the old hospital building – births, deaths, a long tenure as employee – the overwhelming number of people with a connection was a surprise. MEREDA: Now that it’s complete, what feature of the project do you think makes it the most notable? NewHeight Group & Redfern Properties: Perhaps the most notable element of this project is the woonerf, a Dutch term meaning “Street for Living” which describes a space shared by pedestrians, cyclists, and cars. The woonerf is interior to the block between the historic hospital building now known as the Nightingale, and the two new construction affordable apartment buildings developed by Community Housing of Maine in partnership with the Portland Housing Authority. The woonerf functions as a shared public outdoor space and binds the buildings into a campus. The flush condition of the woonerf, along with landscaping and seating, invites pedestrian use while also allowing for slow vehicle movement and parking.

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MEREDA’s Morning Menu Breakfast Event – The State of Senior Living In Maine

March 31, 2017

The nature in which we address the care and housing of our seniors has evolved in recent years. Developers, architects, builders, and healthcare providers have all seen the shift in ...

The nature in which we address the care and housing of our seniors has evolved in recent years. Developers, architects, builders, and healthcare providers have all seen the shift in the way we care for Maine seniors makes a drastic, positive impact on the senior residents, their families and the staff. Maine has some unique challenges when it comes to providing for its’ aging population and it’s important that we respond by promoting safety, dignity, respect, choice and support for our older citizens.Join MEREDA for breakfast on Wednesday April 26, 2017 from 7:30 – 9:00 AM at the Lunt Auditorium at OceanView in Falmouth as we discuss this sensitive, important topic. We will also discuss the financial implications for this housing market and take a closer look at a few local facilities around Maine.About the Panel:Rebecca Dillon holds a passion for senior living design. As a Principal at Gawron Turgeon Architects, she provides sensitive solutions to designing for the aging population while seeing architecture as an exciting problem-solving process. Rebecca is a Registered Architect having earned her Bachelor of Architecture from Boston Architectural College. She is registered in the States of Maine, Massachusetts and Illinois, a member of the AIA and NCARB and LEED AP BD+C certified. Rebecca’s level of expertise in health care and senior environments is extremely extensive. With over two decades of experience, she has created healing and homelike settings for assisted living, skilled nursing, nursing care, memory care, independent living, active adult living, adult daycare and hospice care; and her projects have earned numerous accolades and awards.Bill Shanahan is President of Northern New England Housing Investment Fund (NNEHIF). NNEHIF is a private, nonprofit corporation that specializes in tax credit syndication and offers consulting services to affordable housing developers in Maine and New Hampshire. Bill is the Treasurer and serves on the Board of MEREDA, is Board Chair for the Maine Affordable Housing Coalition (MAHC), is on the Governing Board of Housing Action New Hampshire (HANH), and is the Vice President of National Association of State and Local Equity Funds (NASLEF). Bill serves on the Board of the Genesis Community Loan Fund, a CDFI that provides financial resources for the creation and preservation of affordable housing and other community development activities and is on the Board of The Park Danforth.Chris Wasileski has been working for Sea Coast Management Company for 10 years, primarily on Real Estate Development project management, approvals, and design-build construction. Sea Coast Management develops, owns and operates OceanView at Falmouth and Highland Green in Topsham. Chris’s team on the Falmouth Schools Redevelopment project at OceanView received a 2014 MEREDA “Notable Project” award, and OceanView also received the 2017 Eco Maine “Top Business Leadership” award.Chris has a background in Political Science with a focus on Environmental Politics, Energy Policy, and National Security as it relates to national resources. Chris completed his MA in Political Science from the University of New Hampshire in 2010, and was one of two students selected to participate in a Pilot, Independent Study Project on Sustainable Politics and Policy. Chris’s research and political interests have led to a focus on Clean Energy and Energy Efficiency in his career in Real Estate Development primarily in the Senior Housing Industry.Registering for this Event: MEREDA Member: $45 each | Non - Member: $55 each Register After April 19: Member: $55 each | Non-Member $65 each Your RSVP is requested by April 19. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after April 19.This MEREDA "Morning Menu" Breakfast Event is Sponsored by Norway Savings Bank, Drummond & Drummond and OceanView at Falmouth Visit www.mereda.org for more information and to register.

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Succession Planning with an Employee Stock Ownership Plan

March 28, 2017

According to the National Center for Employee Ownership, there are roughly 7,000 true employee stock ownership plans (“ESOPs”) nationwide, covering about 13.5 million employees and holding assets of approximately $1.2 billion. More than 15% of those plans are sponsored by construction companies. We are currently experiencing a major spike in ESOP activity nationally driven in large part by the desire of Baby Boomers to pull cash out of their businesses and retire. That is why any discussion of succession planning for a successful company is likely to include consideration of an ESOP. Construction companies are especially well-suited to ESOP transactions because the sons and daughters of the founder may have no interest in carrying on a challenging business, third party purchasers are often hard to find, and founders tend to feel strongly connected to their long time employees. For the right business owner, the establishment of an ESOP may unlock the door to financial independence. But like any significant business decision, it’s critical for the owner to understand the moving parts and feel well informed about the subject before getting too far down the road. What is an ESOP and what are some of the benefits of having one? An ESOP is a tax-qualified, defined contribution retirement plan – governed by the Internal Revenue Code and the federal Employee Retirement Income Security Act of 1974 (“ERISA”) – that is designed to invest primarily in the stock of the sponsoring corporation (or a parent or subsidiary of the sponsoring corporation). It is that feature – the hardwired investment in employer stock – that sets ESOPs apart from ordinary defined contribution plans and drives the key financial benefits of the plan. Stock may be contributed by the employer or it may be purchased by the ESOP from the shareholders of the corporation using cash provided by the corporation. This transfer of stock to the ESOP allows a corporation and its owners to facilitate the reduction (or even elimination) of corporate level taxes, address succession planning issues, and deliver a meaningful cash-out event for business owners. At the same time, ESOPs provide unique benefits for eligible employees and can be a powerful tool for developing a strong “employee ownership” culture. Two Critical Concepts to Understand Two critical concepts affect the basic operation of an ESOP. First, unless the ESOP holds a sufficient amount of employer stock to begin receiving dividends, the sole source of cash for the ESOP will be contributions from the employer. Annual cash contributions will be required to pay debt service if the ESOP borrows money – typically from the employer, using money it borrowed from a third party lender – to fund an initial stock purchase and to fund future stock purchases or repurchases from the accounts of terminated employees. Second, even though ESOPs benefit from special rules and exceptions, they are still subject to many of the same federal tax rules that govern the operation of other defined contribution plans, such as 401(k) plans. One such rule limits the amount contributed to an ESOP annually by the employer to 25% of the total compensation paid to the employees participating in the plan. Both the need to contribute cash and the 25% contribution limit play a major role in determining whether the personal financial goals of a business owner can be realized. Building a Team and Exploring an ESOP Most business owners embrace the mantra: “keep it simple.” Unfortunately, that rule is hard to follow when it comes to the exploration of an ESOP. The establishment of an ESOP – and a sale of stock to an ESOP – has many moving parts and generally requires the involvement of a well-chosen team of advisors. In most transactions, that team will include: (1) an ESOP consultant; (2) a qualified, independent valuation firm; (3) legal counsel familiar with ESOPs; and (4) an accounting firm familiar with ESOPs. (A couple of other team members – a trustee and a plan recordkeeping firm – will have to be added later in the process.) Selling Stock to the ESOP These days, most new ESOPs are set up specifically to purchase all (or a large percentage of) the company stock from current owners. The key question in determining the viability of the stock sale – the question that the ESOP consultant will answer – is how much stock can the ESOP purchase. If the owner wants to sell stock to the ESOP, the ESOP will likely have to borrow the money from the company (which loan ultimately will have originated with a bank) in order to pay cash to the selling shareholder, or the ESOP can pay the purchase price in the form of a promissory note. Of course, the ESOP might pay a portion of the purchase price in cash (with money borrowed from the company) and pay the remainder in the form of a promissory note. Recall that either way the company will have to be able to make annual contributions to the ESOP sufficient to cover the debt service. Where an ESOP is “leveraged” through the borrowing of money, the stock held by the ESOP will be pledged as security for the loan and allocated to participant accounts only as the loan is paid down. If the loan is to be amortized over many years, it will take a long time before the financial benefits of stock ownership can be realized by plan participants. After the valuation has been completed, the purchase price has been set, and the financing arrangements have been made, the stock sale itself can be documented and implemented and a plan will be established concurrent with the stock sale. The key documents in the transaction typically will include: (1) an ESOP plan document that meets the formal requirements of the Internal Revenue Code and ERISA; (2) a summary plan description, explaining the ESOP to employees; (3) a stock purchase agreement; (4) a loan agreement and promissory note between the company and the ESOP; (5) a promissory note issued by the ESOP to each selling shareholder; (6) a trust agreement, between the company and the trustee of the ESOP trust; and (7) an administrative services agreement with the ESOP record keeping firm. Other Legal Compliance Issues Because an ESOP is a tax-qualified retirement plan, it must be maintained in accordance with the qualification requirements of the Internal Revenue Code and the requirements of ERISA. This means, among other things, that: (1) the company will have to obtain an independent valuation every year in order to confirm the value of the stock and allocate stock to participant accounts; (2) a Form 5500 that includes audited financial statements for the plan will have to be filed with the U.S. Department of Labor each year; (3) a record keeping firm will have to be engaged to handle basic plan administrative tasks; and (4) a prudent fiduciary governance structure – including a plan administrative committee and an independent trustee – must be established in order to ensure that the fiduciary standards of ERISA are consistently applied by those charged with overseeing the administration of the plan. A business owner must tackle many issues before making a decision to establish an ESOP. But in most cases, a properly implemented ESOP can deliver a significant financial advantage for a business owner and meaningful benefits of ownership to employees.

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Save the Date: MEREDA’s Annual Spring Conference – ‘YIMBY’ism: YES in my Backyard – Why Development is Good

March 28, 2017

MEREDA’s Annual Spring Conference - 'YIMBY'ism: YES in my Backyard - Why Development is Good In recent years, many American cities and towns have witnessed a renaissance, with destination cities ...

MEREDA’s Annual Spring Conference - 'YIMBY'ism: YES in my Backyard - Why Development is Good In recent years, many American cities and towns have witnessed a renaissance, with destination cities in particular seeing dramatically increased interest. Typically, the impacts of such demand are felt on a regional scale. From San Francisco to Portland and beyond, a degree of pressure corresponding to this renewed interest in city life has been placed on communities to build in unprecedented ways. With the rise in popularity of living in urban areas, opinions about how such places should develop are also increasing.Recognizing the crippling effect of NIMBY, or "not in my backyard", ways of thinking on housing prices, economic stability and general diversity of communities, some forward-thinking activists have begun to affirmatively make a case for growth and development. Coined "yes in my backyard", or YIMBY, this movement is an overt counterargument to oppositional mindsets--and it's gaining traction quickly. In 2016, the first-ever YIMBY conference was held in Boulder Colorado, shining a national spotlight on an often-silent perspective that it's actually good for cities to grow. The movement encompasses a variety of vantage points which lead to this conclusion, from those grounded in environmental concerns to social equality and housing prices, and is far from an industry-led lobbying effort. As such, YIMBYism may represent the beginnings of a fundamental shift in the way a broad range of Americans thinks about growth and its associated elements.MEREDA is pleased to welcome Jesse Kanson-Benanav -a Boston-area pioneer in the YIMBY movement who has been instrumental as a leader on the front lines of this potential sea change in the conversation about development-for a discussion about its present status and implications for the future. His perspective will be augmented by a panel of local professionals who will anchor this national trend in local context. Attendees can expect to gain insight into the near future of community conversations about development, and what it means for the real estate industry more broadly.Join us on May 18th for what is sure to be an eye-opening and informational event!Meet our Local Experts: Moderator: Elizabeth Boepple, BCM Environmental & Land Law Jim Brady, Brady Enterprises Jeff Levine, City of Portland Dana Totman, Avesta Housing Patrick Venne, Redwood Development Consulting EVENT DETAILSThursday, May 18, 2017Registration | Exhibits: 12:00 PM - 1:00 PMProgram: 1:00 PM - 5:00 PMNetworking: 5:00 PM - 6:00 PMDoubleTree by Hilton363 Maine Mall Road, South Portland, MEREGISTERING FOR THIS EVENT Registration Fees before May 11th* (per person): Members: $85.00 Non-Members: $105.00 Non-Profit Rate: $55.00 Students: FREE** Municipal Officials & Employees: FREE** Legislators & Agency Employees: FREE** * Prices increase by $15 after May 11th** MEREDA is pleased to provide subsidized admission for students and municipal officials. Call MEREDA at (207) 874-0801 for details.CONTINUING EDUCATION CREDITS This course has been approved for 3.00 hours of Broker, Legal, Architect and Appraiser Continuing Education Credits.For more information or to register, please visit www.mereda.orgMEREDA’s Annual Spring Conference is sponsored by NBT Bank, PDT Architects, ReVision Energy, AAA Energy Co., Pierce Atwood, Mainebiz, Onyx Owl, Sevee & Maher Engineers, People’s United Bank and Verrill Dana

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Keys to an Effective Environmental Risk Management Program (ERMP)

March 14, 2017

Managing environmental risk in commercial real estate (CRE) lending can be challenging. Although it’s something the lending community has been doing for decades, it has historically been viewed as unnecessary and routinely forgotten. In today’s lending climate though, environmental risk cannot be ignored. When properly implemented, an Environmental Risk Management Program (ERMP) can be efficient, inexpensive, and an asset to both the lending institution and the customer. There are four key elements to an effective ERMP: 1. Consider Current Guidelines and Best Management Practices (BMPs) in the Policy. A strong ERMP starts with a policy that includes current regulatory guidance. Banking regulators that provide guidance include the OCC (Office of the Comptroller of the Currency) and FDIC (Federal Deposit Insurance Corporation). Consulting the regulator’s website is a good place to get the latest guidance that applies to the lending community. The U.S. Small Business Administration (SBA) also has developed BMPs as part of their Standard Operating Procedure (SOP) for environmental investigations. This document details when to use a questionnaire, a Records Search with Risk Assessment (RSRA), a Transaction Screen, or a Phase I Environmental Site Assessment (ESA). Lenders can choose to follow the SOP or consult the BMPs even when they are not engaging in SBA lending. 2. Functional Review Procedures. The review process needs to function efficiently. Being able to make operational adjustments without having to make frequent changes to the policy is important. Having detailed procedures will allow a lender with any level of experience to easily follow procedures from initial environmental review conversations with the borrower, to the types of review tools used at each level of the process, to managing allowable exceptions. 3. Informing Customer of Value. The tone of the initial fee conversation with the borrower can highlight how an environmental review can benefit the borrower. If performed properly, the environmental review can provide valuable data to a borrower prior to purchase. The risk for contamination may be identified, giving the borrower an opportunity to renegotiate with a seller for specific financial or remedial steps prior to sale. This ensures more financial stability for both the borrower and the lender. 4. Involve Environmental Expertise. Both OCC and FDIC guidance emphasize the need for expertise when evaluating environmental risk. The responsibilities of the ERMP are often delegated to a lender’s in-house staff who may not have the experience or the desire to meet the demands of the position. The in-house individual often has many responsibilities that fall outside the environmental risk management program and the environmental review process falls to the bottom of their list of priorities. Smaller institutions may not maintain the volume of CRE lending to justify dedicating responsibility to a properly trained full-time employee or hiring an environmental expert. However, it does not need to be expensive to retain a highly qualified environmental consultant to ensure the quality of the ERMP. A fee-based structure allows the transfer of the environmental review directly to the customer, making it a cost-neutral program for the lender. Although there are many aspects to consider when developing and maintaining an ERMP; consideration of current guidelines and BMPs in the review policy, functional review procedures, valuation, and involving environmental expertise will go a long way to establishing an effective program. When developed and maintained correctly, an ERMP can be very beneficial to both the lending institution and the borrower. This article was originally published on November 14, 2016 and can be found at http://stgermaincollins.com/2016/11/14/ermp/

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Maine Real Estate & Development Association Recognizes Retiring Board Member

March 9, 2017

PORTLAND, Maine (March 7, 2017) – The Maine Real Estate & Development Association (MEREDA) has announced that Anne L. Littlefield, VP of Dead River Properties, has retired from MEREDA’s Board ...

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Morning Menu Breakfast Event: Vibrant Housing Choices in Maine: Dynamics of the Value Proposition

March 9, 2017

Every community needs a continuum of housing choice, both small and inexpensive, to large and more expensive - for rent and for sale. A range of choices allows for healthy ...

Every community needs a continuum of housing choice, both small and inexpensive, to large and more expensive - for rent and for sale. A range of choices allows for healthy diversity in the resident population, with accommodations appropriate for old and young, in households of varying sizes and income levels. Join us for a conversation about new developments designed to make housing more affordable and more energy efficient. Join MEREDA for breakfast on Tuesday, April 4, 2017 from 7:30 - 9:00 AM at DaVinci's Eatery in Lewiston to hear three local housing experts discuss different models of housing striving to provide communities with varying housing choices. About the Event: April 4, 2017 DaVinci's Eatery 150 Mill Street Lewiston, ME Buffet Breakfast: 7:30-8:00 am Program: 8:00-9:00 am About the Panel: Rick Whiting has served as Executive Director of Auburn Housing Authority since 1985. He began work there in 1979 as its Leased Housing Director, after working for Depositors Trust Company for 2 years upon his graduation from Harvard College. He is the immediate Past Chair of the Maine Affordable Housing Coalition and has served on many local boards, including the Auburn Planning Board, the Auburn Water District, and Auburn Public Library, where he served as President & Building Committee Chair for its renovation & expansion project. Auburn Housing's inventory of affordable housing includes 3 family developments, six elderly developments, and two mixed population buildings. 62 Spring Street, which will be a 41 unit LIHTC development including 9 market rate apartments and two street-front commercial spaces, is currently being developed in conjunction with Ethan Boxer-Macomber of Anew Development. Craig Saddlemire, Cooperative Organizer, Raise Op Housing Cooperative, the only urban multi-unit housing cooperative in the state of Maine. Since 2005, Craig has operated a small video production business in Lewiston called Round Point Movies. In addition, he has been volunteering with community organizations around urban redevelopment issues, tenants' rights, public green space, bicycle and pedestrian infrastructure, and public transportation. In 2008, he co-founded a housing cooperative on Maple Street, where he continues to live. During this time, Craig served on numerous municipal committees, represented Ward 5 on Lewiston City Council, and received the Public Service Leadership Award from the Androscoggin County Chamber of Commerce. Erin Cooperrider is the Development Director for Community Housing of Maine, a 22-year old non-profit affordable housing developer based in Portland, Maine. During her tenure, Ms. Cooperrider has help to grow CHOM's asset base from 7 to more than 60 million. Before joining CHOM in 2002, Ms. Cooperrider worked in commercial real estate development in Maine, and asset management and real estate development consulting outside of Maine. Ms. Cooperrider was a co-founder of The Signal Group, a 21-year old real estate services company based in Portland, Maine. She has advised the Federal Deposit Insurance Corporation on implementation of affordable housing policy and has testified before the Thrift Depositor Protection Oversight Board. Ms. Cooperrider currently serves on the board of directors of two Maine-based Community Development Financial Institutions and Maine's trade organization for affordable housing development. She was also a member of a planning board for 7 years. Ms. Cooperrider received her undergraduate degree from Duke University and her graduate degree from Stanford University. Registering for this Event: MEREDA Member: $25 each | Non - Member: $35 each Register After March 28th: Member: $35 each | Non-Member $45 each Your RSVP is requested by March 28. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after March 28. This MEREDA "Morning Menu" Breakfast Event is Sponsored by Norway Savings Bank. Visit www.mereda.org for more information and to register.

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MEREDA’s Morning Menu: Vibrant Housing Choices in Maine: Dynamics of the Value Proposition

March 9, 2017

Every community needs a continuum of housing choice, both small and inexpensive, to large and more expensive - for rent and for sale. A range of choices allows for healthy ...

Every community needs a continuum of housing choice, both small and inexpensive, to large and more expensive - for rent and for sale. A range of choices allows for healthy diversity in the resident population, with accommodations appropriate for old and young, in households of varying sizes and income levels. Join us for a conversation about new developments designed to make housing more affordable and more energy efficient.Join MEREDA for breakfast on Tuesday, April 4, 2017 from 7:30 - 9:00 AM at DaVinci's Eatery in Lewiston to hear three local housing experts discuss different models of housing striving to provide communities with varying housing choices. About the Event: April 4, 2017 DaVinci's Eatery 150 Mill Street Lewiston, ME Buffet Breakfast: 7:30-8:00 am Program: 8:00-9:00 am About the Panel: Rick Whiting has served as Executive Director of Auburn Housing Authority since 1985. He began work there in 1979 as its Leased Housing Director, after working for Depositors Trust Company for 2 years upon his graduation from Harvard College. He is the immediate Past Chair of the Maine Affordable Housing Coalition and has served on many local boards, including the Auburn Planning Board, the Auburn Water District, and Auburn Public Library, where he served as President & Building Committee Chair for its renovation & expansion project. Auburn Housing's inventory of affordable housing includes 3 family developments, six elderly developments, and two mixed population buildings. 62 Spring Street, which will be a 41 unit LIHTC development including 9 market rate apartments and two street-front commercial spaces, is currently being developed in conjunction with Ethan Boxer-Macomber of Anew Development. Craig Saddlemire, Cooperative Organizer, Raise Op Housing Cooperative, the only urban multi-unit housing cooperative in the state of Maine. Since 2005, Craig has operated a small video production business in Lewiston called Round Point Movies. In addition, he has been volunteering with community organizations around urban redevelopment issues, tenants' rights, public green space, bicycle and pedestrian infrastructure, and public transportation. In 2008, he co-founded a housing cooperative on Maple Street, where he continues to live. During this time, Craig served on numerous municipal committees, represented Ward 5 on Lewiston City Council, and received the Public Service Leadership Award from the Androscoggin County Chamber of Commerce. Erin Cooperrider is the Development Director for Community Housing of Maine, a 22-year old non-profit affordable housing developer based in Portland, Maine. During her tenure, Ms. Cooperrider has help to grow CHOM's asset base from 7 to more than 60 million. Before joining CHOM in 2002, Ms. Cooperrider worked in commercial real estate development in Maine, and asset management and real estate development consulting outside of Maine. Ms. Cooperrider was a co-founder of The Signal Group, a 21-year old real estate services company based in Portland, Maine. She has advised the Federal Deposit Insurance Corporation on implementation of affordable housing policy and has testified before the Thrift Depositor Protection Oversight Board. Ms. Cooperrider currently serves on the board of directors of two Maine-based Community Development Financial Institutions and Maine's trade organization for affordable housing development. She was also a member of a planning board for 7 years. Ms. Cooperrider received her undergraduate degree from Duke University and her graduate degree from Stanford University. Registering for this Event: MEREDA Member: $25 each | Non - Member: $35 each Register After March 28th: Member: $35 each | Non-Member $45 each Your RSVP is requested by March 28. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after March 28. This MEREDA "Morning Menu" Breakfast Event is Sponsored by Norway Savings Bank. Visit www.mereda.org for more information and to register.

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Maine experts still proclaim Portland “hot,” see growth expanding north

February 28, 2017

PORTLAND, Maine -- The residential real estate market remains hot statewide, with single family sales very solid, according to experts who reviewed trends in the last year of Maine real ...

PORTLAND, Maine -- The residential real estate market remains hot statewide, with single family sales very solid, according to experts who reviewed trends in the last year of Maine real estate as part of MEREDA’s annual conference, featuring a sold-out crowd of more than 750, and more than half a dozen forecasts of future market activity by property type and geography. Other sectors, including office and retail, also seem to be faring well. Brit Vitalius, broker with Vitalius Real Estate Group, noted that multi-family sales, especially in southern Maine, are “exceedingly popular,” saying that if you want to sell your two-, three-, or four-unit, “you ought to be packed and ready to go.” Vitalius noted that low inventory levels have left multi-family sales relatively flat in Portland, but that there is increased activity in Saco, South Portland, Biddeford, and Westbrook - all up. Vitalius noted that this is a remarkable change from 2008, as an example, when Lewiston-Auburn had “over 29 months of inventory on the market.” That is no longer the case, he reported. “If you have that typical four bedroom, two bath, attached garage on a cul de sac, it might be a good time to put it on the market,” noted David Marsden with The Bean Group, who offered a forecast on the single family market. He said that other trends, such as micro-living and being close to downtown amenities are very hot right now. Many agreed that micro-units close to a downtown or with eco-friendly options are on the horizon. This is especially true in Portland, though experts noted that Augusta, the Twin Cities, Brunswick, and Bangor are seeing new investment and revitalization as well. Additionally, the demand for access to downtown city centers coupled with low unemployment rates have increased the demand for office space, especially in the premium categories, and especially close to walkable amenities. Nate Stevens, of CBRE | The Boulos Company, noted that the “office space vacancy rate dropped from over 14% in 2011 to about 3% in 2016,” with 80% of transactions in the Class A category. “There is almost no space available for new retailers,” echoed Peter Harrington with Malone Commercial Brokers, remarking that a mix of local and national tenants has created a renaissance on the Middle Street corridor.” Experts from Maine’s Twin Cities, the Queen City, the Midcoast, and Central Maine were also on hand, as were experts from Maine’s hospitality sector and industrial categories. Full presentations are available for perusal by anyone interested in learning more about the subject matter. Visit https://mereda.org/pasteventdetail.php?ID=674 and scroll to the bottom. MEREDA’s spring conference will focus on the topic of embracing development on May 18; visit https://mereda.org/eventdetail.php?ID=701 for details and registration.

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Office Market Overview

February 14, 2017

The Greater Portland office market continued to improve in 2016 as the vacancy rate fell for the 7th consecutive year for a direct vacancy of 6.17 percent and total rate ...

The Greater Portland office market continued to improve in 2016 as the vacancy rate fell for the 7th consecutive year for a direct vacancy of 6.17 percent and total rate of 6.77 percent including sublease space. This vacancy rate includes both Class A and Class B office and medical office space across seven towns in Greater Portland with a total market size of almost 12 million SF. While the market continued to improve throughout 2016, only half of the 14 submarkets we track experienced a drop in vacancy. The total net absorption in the market was slightly less than last year, indicating a fairly stable pace of improvement over the last 24 months. DOWNTOWN The downtown Portland office market is one of the areas to experience continued improvement with the direct vacancy rate dropping to 6.6 percent from last year’s 7.65 percent. The majority of the absorption can be attributed to the Class A office market which continues to perform at a historically low vacancy rate and is currently 2.62 percent. Interestingly, this is not due to large leases, but smaller to medium sized transactions as availability in this market is sparse. There were only two new transactions over 15,000 SF, which were FC Beacon’s lease of 17,300± SF at 280 Fore Street and AVANGRID’s lease of 16,462± at One City Center. There are currently no existing direct Class A availabilities with over 10,000 contiguous SF on the market. As expected, the largest downtown transactions in 2016 were lease renewals, as relocation options simply didn’t exist. The Class B market experienced just a slight drop after a much larger decrease the year before, however did dip below 10 percent and stands at 9.95 percent. The majority of the vacancy in the Class B market, roughly three quarters of the total, is concentrated in the Monument Square/Congress Street area while the Old Port area has very little vacancy. SUBURBAN The suburban market as a whole, which encompasses South Portland, Scarborough, Westbrook, Falmouth, Yarmouth, and Cumberland, had a slight increase in the vacancy rate for a total rate of 6.53 percent. This uptick in the vacancy rate is largely due to the South Portland and Scarborough areas, and more specifically Class B office space. As was the case with the downtown market, there were no large new lease transactions to help balance a couple recent large vacancies including 30,000± SF at 75 Darling Ave and roughly 26,000± SF at 8 Science Park Road in Scarborough. A large vacancy remaining unchanged from last year is 134,000± SF at One Riverfront Plaza in Westbrook which continues to be a large hole in an otherwise healthy Class A suburban market. MEDICAL The vacancy rate in the medical office market across Greater Portland fell again to 2.81 percent, down from 3.34 percent the year before. This accounts for just a slight absorption of 6,876± SF as this submarket, especially Class A medical space, has very few options for expanding companies and new construction may be required for any tenants requiring a significant amount of space. An example of this is the recent construction of 19,000± SF of medical space on Route One in Scarborough for Martin’s Point. At the time of this report the Class A medical market was nearing 100 percent occupancy. SUMMARY The Greater Portland Class A and Class B office markets continued to improve in 2016, albeit at a slower pace, and with that tenant incentives became less apparent and landlords continued to have the upper hand in negotiations. The downtown Class A market was certainly the driver in the overall drop in the vacancy rate. Despite limited vacancy, areas of opportunity still remain for tenants in the Class B markets in downtown and South Portland area. The next 12 months will likely continue to see improvements in the overall market but will be somewhat constricted as options, especially over 15,000 SF, will remain limited. Over the last few years there has been speculation that increasing demand and falling Class A vacancy rates would spur new construction in Greater Portland, especially downtown. The market finally responded to this demand with the ground breaking of a 55,000 SF building at 16 Middle Street, the first significant new construction in downtown Portland in 10 years. With about 50 percent of this building already committed, there could be additional new buildings constructed and/or planned in 2017. Possibilities include the permitted 50,000 SF office building as part of the Intercontinental site at Fore and India Streets as well as opportunities within larger developments at Thompson’s Point and the former Portland Company Site at 58 Fore Street. Expanding suburban companies are constructing new buildings to respond to their growing needs including a 94,500 SF expansion for Tyler Technologies and a new 34,500 SF building for Patriot Insurance, both of which are located in Yarmouth. In addition to these large scale developments there will likely also be numerous small-scale projects to respond to specific tenant requirements in 2017.

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MEREDA Index shows Maine’s real estate industry reach its highest level in ten years, signifies “worker gap”

February 7, 2017

"The second quarter of 2016 saw the Maine real estate industry reach the highest level in ten years, led by a 10% growth in the residential component” said Rick McCarthy, ...

"The second quarter of 2016 saw the Maine real estate industry reach the highest level in ten years, led by a 10% growth in the residential component” said Rick McCarthy, consultant with Eaton Peabody and board member with the Maine Real Estate & Development Association (MEREDA). McCarthy made his remarks at MEREDA’s sold out conference in mid-January, while unveiling The MEREDA Index, the economic indicator that measures the health of the state’s real estate sector.But, all told, The MEREDA Index, which covers the middle two quarters of 2016, came in slightly lower than recent editions, at 93. "â€‹The highwater mark gains were not sustained throughout, with a 4% drop toward the end of the period," said economist Dr. Charles Colgan, of the University of Southern Maine, who compiled the report for MEREDA.“Overall, The MEREDA Index has grown in the last years, though we are seeing the first plateau since the post-2007 recovery," said Paul Peck, MEREDA president, a real estate developer and an attorney at Drummond & Drummond. Peck and other industry insiders attribute these shifts to the “worker gap,” with a dearth of qualified candidates available to fill electrician, plumbing and other subcontractor positions, driving up the cost and increasing the timeline of construction. The MEREDA Index is compiled biannually and is widely regarded as the primary tool for insiders to track changes in the market. Four experts from the state’s real estate sector offered commentary on the state of the market. Following keynote remarks from Derek Langhauser, president of Maine’s Community College System, about that organization’s efforts to cultivate additional tradespeople in Maine, Peck announced that MEREDA has recently launched a subcommittee, alongside AGC Maine, to effect change in that area. "The 'worker gap' issue must be addressed if Maine is to benefit from continued economic investment, an expanded tax base in our neighborhoods and communities, and a robust tourism economy," he said. Download the full Index report: http://mereda.org/documents/miscdocs/MEREDA_Index_Fall_2016.pdf . This edition of The MEREDA Index was underwritten by Eaton Peabody, with support from CBRE | The Boulos Company, Wright-Ryan Construction, and The Press Hotel. The next edition of The MEREDA Index will be released at the organization’s spring conference on May 18; visit www.MEREDA.org for details and registration. This edition of The MEREDA Index was underwritten by Eaton Peabody, with support from CBRE | The Boulos Company, Wright-Ryan Construction, and The Press Hotel.

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New Initiative Launched to Reduce Energy, Water and Transportation Emissions

January 24, 2017

Downtown Portland Property Owners Band Together to Save Money and ResourcesPortland is joining the ranks of forward-thinking cities across the U.S. and Canada as it launches the Portland 2030 District, ...

Downtown Portland Property Owners Band Together to Save Money and ResourcesPortland is joining the ranks of forward-thinking cities across the U.S. and Canada as it launches the Portland 2030 District, a groundbreaking high-performance building district in downtown Portland that aims to dramatically reduce the environmental impacts of constructing and operating commercial and large multi-family buildings, while strengthening Portland’s economy.The built environment – commercial office buildings, municipal buildings, and multi-family housing -- consumes 75% of all the electricity produced in the U.S. In Maine, transportation emissions account for 42% of all greenhouse gas emissions. The Portland 2030 District is a program of the Greater Portland Council of Governments. Kristina Egan, Executive Director, said, “This project gives property owners, managers and developers tools to save resources and money. We expect the new Portland 2030 District will be good for the bottom line and for the planet.” “I’m excited to be part of a joint venture that has proven successful in many other major metropolitan areas that will encourage and facilitate utility and greenhouse gas reductions in the private sector,” said Drew Swenson, President of Paragon Management and President of the recently-created Portland 2030 District Board of Directors. “We can follow in their footsteps to reduce energy and water consumption as well as transportation emissions from some of the largest buildings on the Peninsula in Portland and collectively reduce emissions 50% by 2030.” Currently, the cities of Seattle, Cleveland, Pittsburgh, Los Angeles, Denver, Stamford, San Antonio, San Francisco, Dallas, Toronto, Albuquerque, Grand Rapids, Ithaca and Austin have established 2030 Districts. The Portland 2030 District’s first actions will be to: Hold events for property owners and managers to learn about various strategies to reduce energy and water usage; Develop strategies to reduce the number of people driving to and parking in downtown Portland; Work with local utilities to help ensure utility data is available; and Create an information hub on best practices, case studies, financing, incentives and preferred vendors within the District’s boundaries. The Portland 2030 District founding members include the following building owners, managers and community partners: Avesta Housing, Boulos Asset Management, J.B. Brown & Sons, Paragon Management, LLC, Portland Housing Authority, and The Press Hotel. These founding members have agreed to voluntarily benchmark, monitor and track their buildings’ resource consumption, working with national experts to meet measurable reductions of greenhouse gas emissions, driving trips to the downtown, and water consumption. If you would like more information or your business is interested in becoming a member please contact Jennifer Brennan with the Greater Portland Council of Governments. To read more about the initiative – http://www.2030districts.org/portland-maine

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MEREDA’s Morning Menu Breakfast Event – “Parking for Successful Development: Threading the Needle”

January 24, 2017

Developments usually need parking. Whether provided on-site or nearby, many people drive to their destination and expect to be able to park when they get there. But parking is expensive. ...

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MEREDA’s Morning Menu Breakfast Event – “Darkness into Light: Cannabis and its impact on Commercial Real Estate in the Post-Prohibition Era.”

January 10, 2017

Industry experts suggest that no new-to-market use has had as large an impact on Maine's commercial real estate landscape in recent years as has cannabis cultivation. Starting as a niche industry ...

Industry experts suggest that no new-to-market use has had as large an impact on Maine's commercial real estate landscape in recent years as has cannabis cultivation. Starting as a niche industry five years ago, the marijuana growth business has morphed into a well regulated and complex professional system in some respects and an unregulated and "wild west" environment in others. Rapid growth has put a significant strain on Maine's existing industrial inventory and regulatory systems (both state and municipal). And with the 2016 election legalizing adult use recreational cannabis, further stressors are anticipated. Beyond adjusting to industrial impacts, Maine's retail corridors need to prepare for inevitable retail store and further cultivation facility demand. Importantly, efforts to implement the recreational cannabis program will provide Maine with an opportunity to "get it right" and enact a safe, robust, and fair regulatory system giving Maine the opportunity to establish a unique and successful economic sector in which many professionals will be comfortable operating. Join MEREDA for breakfast on February 16 from 7:30 AM - 9:00 AM at the Holiday Inn By the Bay for a panel discussion and presentation on how this industry has evolved, where things stand today and what the future may hold. The panel will be moderated by Justin Lamontagne, a Partner at NAI The Dunham Group specializing in commercial industrial brokerage. It will feature presentations by Dan Walker of Preti Flaherty and Gretchen Jones of Eaton Peabody, two legal experts with extensive experience in representation of both cannabis landlords and end-users.Discussion points will include a legislative update on current laws, an overview of financial and insurance hurdles, and pros and cons for property owner Landlords to consider. We will also have perspective from cannabis industry experts with Jacques Santucci from Opus Consulting Group and Brett Messer General Manager, Caregiver at Brigid Farm completing the panel.About the Event:February 16, 2017 - 7:30AM to 9:00AMHoliday Inn by the Bay88 Spring StreetPortland, MEBuffet Breakfast: 7:30-8:00 amProgram: 8:00-9:00 amRegistering for this Event:Member: $45 pp | Non-Member: $55 pp Prices increase by $10 after February 9Your RSVP is requested by February 9. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after February 9. Visit www.mereda.org for more information and to register.This MEREDA "Morning Menu" Breakfast Event is Sponsored by Norway Savings Bank and Preti Flaherty.

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MEREDA’s Morning Menu: Maine Legislative Update: MEREDA’s top policy initiatives and how you can help!

January 5, 2017

Every year, the Maine Legislature and Governor consider over a thousand bills, and chances are high that some of them threaten to impact your business. Savvy business leaders today stay ...

Every year, the Maine Legislature and Governor consider over a thousand bills, and chances are high that some of them threaten to impact your business. Savvy business leaders today stay informed of the current issues, and know how to engage individually and through MEREDA to influence the outcome of issues that could impact their business. Additionally, MEREDA continues to propose policy changes to improve the real estate development environment in Maine in big and small ways, helping to pave the way to your business success. Come to this session to learn more about how to be informed about the issues that matter, and how to engage effectively individually and through MEREDA to influence the outcome of those issues of import.MEREDA is well-known and well-respected in Augusta for representing commercial real estate interests. Our Legislative Committee and Public Policy Counsel work together closely during Legislative sessions to protect your real estate business interests, and to advance them.MEREDA will be assembling a panel of members and legislators to take part in this forum that will be moderated by MEREDA's Public Policy Counsel, Andrea Cianchette Maker, Partner and Government Relations Practice Group Leader at Pierce Atwood, LLP. Additional details will be posted to our website as they become available. In the meantime, make plans to join us for breakfast on February 7, 2017 from 7:30 - 9:00 AM at the Hollywood Casino Bangor to hear more about how we do it, as well as how you can easily remain abreast of policy developments and become more involved.About the Event:February 7, 2017 - 7:30AM to 9:00AM Hollywood Casino Bangor 500 Main Street Bangor, MEBuffet Breakfast: 7:30-8:00 am Program: 8:00-9:00 amRegistering for this Event:Member: $25 pp | Non-Member: $35 pp Prices increase by $10 after January 31 Your RSVP is requested by January 31. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after January 31.Visit www.mereda.org for more information and to register.This MEREDA "Morning Menu" Breakfast Event is Sponsored by Bangor Savings Bank, Bowman Constructors, City of Bangor, Epstein Commercial Real Estate and Pierce Atwood.

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Tenant Funded Leasehold Improvements: Hidden Risks

December 27, 2016

By Raymond A. Pelletier, Esq., Verrill Dana LLPIn most cases, significant tenant fit-ups and renovations are financed by means of a per square foot tenant improvement allowance paid by the ...

By Raymond A. Pelletier, Esq., Verrill Dana LLPIn most cases, significant tenant fit-ups and renovations are financed by means of a per square foot tenant improvement allowance paid by the landlord and amortized over the term of the lease. Occasionally, however, a landlord may not be willing to take on the financing of the improvements for a variety of reasons, and the tenant may consider contracting and paying for the improvements itself. Doing so creates a number of risks for the tenant beyond the risks ordinarily assumed in having construction work performed. These risks stem from the nature of the leasehold relationship and the typical form of commercial lease. Depending on the amount expended by the tenant for these improvements, these risks can have disastrous financial consequences.Termination Provisions. Virtually all leases contain provisions that can result in a termination of the lease in certain situations. Examples include default, events of fire or other casualty, or takings by eminent domain. A termination of the lease will result in the tenant forfeiting the money it has spent on leasehold improvements. In some cases, the tenant may be able to negotiate a modification to certain termination provisions that would allow it to recover from the insurance or eminent domain proceeds the depreciated value of its leasehold improvements. The tenant’s degree of success in such negotiations may depend partly on whether the improvements are of the type that generally benefit the landlord’s property, rather than improvements unique to the use to be made by the tenant. Mortgage Foreclosure. A foreclosure on the property by the landlord’s mortgagee also could result in a termination of the lease. Just as in the case of a termination pursuant to a provision in the lease, a termination caused by a foreclosure of a mortgage would result in the tenant forfeiting the money it has spent on leasehold improvements. It is always advisable for a tenant to obtain a so-called non-disturbance agreement from the landlord’s mortgagee when it enters into a lease in order to prevent a termination of the lease in the event of a foreclosure. The issue is much more complicated, however, when the tenant has expended large sums of money for leasehold improvements. The reason is that even with a non-disturbance agreement in place with the landlord’s mortgagee, the lease might be terminated pursuant to a lease provision, rather than due to a foreclosure of the mortgage. For example, suppose there is a fire or other casualty that results in the lease being terminated. Perhaps the tenant has managed to negotiate a provision in its lease that allows it to recover the depreciated value of its leasehold improvements in such a case. The landlord’s mortgage, however, is sure to contain provisions giving the mortgagee the right to decide what happens to those proceeds. Therefore, a tenant investing significant sums toward leasehold improvements will want the mortgagee to agree to honor the provisions in the lease, allowing it to recoup the depreciated value of its leasehold improvements. Obtaining such an agreement from the lender may be very difficult. Title. If the tenant is making a significant financial investment in the property, the quality of the landlord’s title to the property becomes a concern. The risks are analogous to a purchase of real estate, and a title search becomes more important than it would be in a more routine leasing situation. Conclusion. Tenants should think very carefully about the risks they will be taking before investing significant sums of money in leasehold improvements. If at all possible the transaction should be structured with a “tenant improvement allowance” paid for by the landlord and amortized over the lease term. If the tenant feels it must go ahead with a transaction in which it will be paying for the improvements, it should consult with legal counsel to discuss the risks more fully and try to address them in the documentation.

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Where Healthcare Credit meets Retail Rent: Why you should be adding Urgent Care Facilities to your Tenant Mix

December 20, 2016

By Cameron Woodford, Associate Advisor at SVN | The Urbanek GroupIn the last few years the “urgent care” or “quick care” industry has been on fire and with good reason. Key ...

By Cameron Woodford, Associate Advisor at SVN | The Urbanek GroupIn the last few years the “urgent care” or “quick care” industry has been on fire and with good reason. Key market changes resulting from the Affordable Care Act as well as shifting consumer expectations with regard to healthcare, have created an environment for these businesses to thrive making them a great addition to any tenant roster.The requirements of the ACA have forced further specialization within the industry. The financial and administrative costs of providing urgent care in an emergency room setting have become prohibitive and both the medical field and consumers are looking for alternatives. Existing urgent care clinics are able to service a portion of the emerging market this has created, but it is only the beginning. Only a small percentage of the 136.6 million annual ER Visits require hospital admission (1), and every year more and more patients will turn to urgent care specialists to save time and money. Consumers put more priority on convenience than their relationship with their doctor. Many young people simply do not have a connection to their primary care doctor, never signed up at a new practice when they relocated or they never had one at all. For a quick prescription refill, employer drug test, physical or travel medicine, quick care providers will be able to schedule an appointment sooner and take care of patient needs faster. The facility requirements can make use of otherwise marginal pads. Most quick care companies want “corner of Main and Main” visibility so they can remain top of mind for their current customers and use their signage as a marketing opportunity. Many providers only need between 2,000 and 4,000 square feet and prefer stand-alone buildings. Since they do not have the parking requirements of traditional retail they can make use of pads that might be too small for other more traditional tenants. Your other tenants will thank you… Especially in grocery anchored or neighborhood shopping centers. Quick care facilities are a destination type use and will drive traffic to shopping centers. Time previously spent in the waiting room can be used to catch up on errands in the center or do some more impulsive shopping at specialty retailers. Sales should increase across the plaza which is only a good thing when it comes time to renew a lease. (1) http://www.cdc.gov/nchs/fastats/emergency-department.htm Original article can be found here: http://theurbanekgroup.com/why-you-should-be-adding-urgent-care-facilities-to-your-tenant-mix/

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MEREDA’s 2017 Annual Real Estate Forecast Conference & Member Showcase

December 15, 2016

Over 700 of the state’s leading real estate experts are expected to attend MEREDA’s Signature Event, the TD Bank sponsored 2017 Annual Forecast Conference & Member Showcase being held on ...

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Sustainable Stormwater Infrastructure = Sustainable Growth: Perspectives on Stormwater Service Fee Programs and Credits

December 6, 2016

By Maura Ryan, Marketing Director at St.Germain Collins | Sentry EHS®At MEREDA’s Morning Menu Breakfast Event in November, a panel discussed stormwater service fees—why they are needed, and what measures ...

By Maura Ryan, Marketing Director at St.Germain Collins | Sentry EHS®At MEREDA’s Morning Menu Breakfast Event in November, a panel discussed stormwater service fees—why they are needed, and what measures property owners can take to reduce their fees.Stormwater UtilitiesScott D. Collins, Managing Principal and Senior Engineer at St.Germain Collins kicked off the discussion with an overview of the stormwater utilities that are currently in place.Almost 1,500 stormwater utilities have been identified nationwide and in Canada; the smallest in Indian Creek Village Florida with a population of 88, and the largest in Los Angeles with a population exceeding 3 million. [1]In Maine, there are currently three municipalities with stormwater utility programs: Bangor, Lewiston and Portland. Each municipality offers ways to reduce stormwater fees for property owners who take (or have taken) steps to reduce or treat stormwater runoff. There are at least a half dozen other municipalities and counting throughout New England who have already implemented stormwater fee (and credit) programs also.City of Portland Douglas A. Roncarati, Jr., Stormwater Program Coordinator at City of Portland, Maine went into more detail about the City of Portland’s need to implement their stormwater service charge program.There are three wastewater systems in Portland dating back to the late 1800’s: Stormwater – stormwater that goes directly to streams, rivers and coastal waters Combined – wastewater and stormwater combined Sanitary – wastewater only that goes to treatment plant Through the years there have been updates to the systems including: establishing the East End Treatment Plant; increasing capacity in the sewer systems; adding combined sewer overflows (safety valves) to redirect wastewater and excess stormwater in the combined sewer system to prevent backups and localized flooding; and more recently, separation of sewers and storm drains and storage systems to address the water quality impacts of combined sewer overflows.As Portland developed and automobiles became the primary mode of transportation, the amount of impervious area (i.e. paved roads, parking lots and roof tops) within the City grew rapidly, resulting in more stormwater runoff. The sheer volume of stormwater running off the landscape can overwhelm the combined sewer and storm drain systems causing sewers to back up, streets to flood and can also contribute to combined sewer overflows. Stormwater runoff can also pick up bacteria, sediments, herbicides and other pollutants from streets, yards and parking lots carrying them to streams and other natural waterways.Figure 1: On undeveloped land only about 10% of stormwater runs off as 40% is evaporated and 50% infiltrates the ground. On more developed properties there is approximately 55% run off. Until recently, the primary source of funding was a sewer fee for all sewer and stormwater management and Clean Water Act compliance programs in Portland. However, the costs of managing stormwater runoff and its impact on both the combined sewer and storm drain systems was the real issue driving up the costs of these programs. In fact, the Portland invested over a hundred million dollars to address combined sewer overflows and flooding and was struggling to pay for it with the sewer fee.The City recognized that this approach to paying for wastewater and stormwater management was simply unsustainable, so over the last several years it explored how other communities were dealing with these challenges and in 2016 implemented a stormwater service charge program. The intent was to more equitably share the costs of stormwater management by tying them directly to the sources of stormwater runoff and pollution. The fees are calculated on the amount of impervious area (i.e. rooftops and pavement) on the property. Currently those fees are $6.00 per month for every 1,200 square feet of impervious area.Stormwater Credits Justin Pellerin, P.E., Stormwater Project Engineer at City of Portland, Maine discussed the City’s stormwater credit system and how stormwater funds are spent.Credits When the City implemented the stormwater service charge in January 2016, they also implemented the stormwater credit program which can reduce the amount a property owner has to pay.The stormwater credit is a conditional reduction in the amount of the stormwater service charge if the property owner documents existing or implements new stormwater management and pollution prevention systems and maintains them.Focusing today on the non-residential (commercial properties) stormwater credits, the credits are awarded for: Water quality treatment systems Water quantity management systems Systems must meet the requirements in the Stormwater Credit Manual (http://www.portlandmaine.gov/DocumentCenter/View/9714) and an application with documentation must be submitted to the City of Portland’s Water Resources Division.To date there have been 28 non-residential applications for credits, with 23 being approved. The largest credit was a savings of $340 per month. It is possible to get a 100% credit, so far the range has been 10% to 60%, with the average monthly reduction at 30% off the stormwater service bill.How the City of Portland Spends the Stormwater Service FeesThe stormwater services fees are used for: Cleaning a minimum of 3,000 of the 6,000 catch basins each year; Completing 70 to 75 green infrastructure projects and ongoing inspections and maintenance; Street sweeping approximately 260 miles of Portland’s streets—which cleans up sediments from street surfaces before they can be washed off in stormwater runoff; Significant stormwater infrastructure maintenance; A portion of combined sewer separation projects; Drainage and flood management projects; Watershed protection and water quality restoration projects. Property Owner Perspective Brian DesMarais, Area Environmental Protection Manager at Waste Management discussed the stormwater service fee and credit program from his commercial property perspective.Waste Management of Maine, Inc. has managed stormwater at their Portland location for several years and are already regulated under the Maine Pollutant Discharge Elimination System (MPDES) Multi-Sector General Permit (MSGP).Waste Management received the first stormwater bill from the City of Portland in January 2016. Because the property’s building and surface impervious area totaled 221,276 square feet, this new monthly stormwater fee of $1,104 prompted them to look for stormwater credits for their existing stormwater control and treatment systems to reduce the bill.After confirming the City’s assessment of impervious areas, the first step to seek credits for their existing stormwater systems was to document that the existing stormwater infrastructure was functioning as designed and was properly maintained. perform standard annual maintenance on stormwater systems. Waste Management also wanted to confirm the impervious areas that were calculated by the City. They hired St.Germain Collins who determined what credits Waste Management may qualify for: Performed an inspection of existing systems – City Form 4; Computed Basic Water Quantity Waiver Credit; Computed minimum Water Quality Credit (for Waste Management’s existing wet pond); Determined new total billable impervious area; and Submitted the Non-Residential Stormwater Credit Application – City Form 3 In just a matter of weeks, Waste Management received a condition of approval for existing credits (25% for Minimum Water Quality Credit; and 10% Basic Water Quantity Waiver Credit) for applicable portions of the property. These credits—which are retroactive to January 2016—reduced their monthly charges to $894, which is an annualized savings of $2,520. In order to continue receiving these credits, continued maintenance of stormwater infrastructure and submitting a Best Management Practices (BMP) Inspection Form (City Form 4) each year are required.Maintaining older systems can be costly, so Waste Management is also considering improvements to their stormwater systems. These improvements could earn them additional credits and cost savings. Waste Management is evaluating options that could approach 100% credit, including: conversion of an approximately 12,000 square foot gravel area to pervious lawn; providing bio-retention cells near two parking areas;; and enhancing the existing stormwater detention basin to a wet pond that meets or exceeds current Maine Department of Environmental Protection’s Chapter 500 standards.Maintenance and Inspection Scott Collins closed the discussion with a few pointers on staying qualified for stormwater credits.Structural controls are only effective if maintained. An annual inspection by a qualified 3rd party inspector is required. By June 30th each year, the City Form 4 must be submitted to the City of Portland. The City of Portland has a right to inspect properties to ensure stormwater systems are as reported.For More Information on Sustainable Stormwater options please visit http://stgermaincollins.com/mereda-stormwater-event/ [1] Campbell, C. W., Dymond, R., Kea, K., Dritschel, A. (2014). Western Kentucky University Stormwater Utility Survey. Retrieved from https://www.wku.edu/engineering/civil/fpm/swusurvey/

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MEREDA Thanks Its Valued Members

November 29, 2016

During this Thanksgiving season, the Maine Real Estate & Development Association (MEREDA) pauses to thank our over 300 members who employ thousands of Maine citizens and invest millions of dollars in the Maine economy each year. MEREDA is the only voice for the real estate development industry in Maine and has established itself as a forceful, credible advocate. Our success is dependent upon bringing together the many different trades that are vitally interested in promoting positive growth in our great state, and we thank each and every one of you for your continued support. Thank-you!Our members have shown that they are invested in what we do, as we continue to host timely and informative events throughout the year that attract members and other professionals who have an interest in working with us. We also have been more visible in the news media, speaking out on important issues and promoting the importance of our industry to the state of Maine as part of our effort to raise the profile of our organization and its members.MEREDA continues to advocate for legislation in Augusta that encourages responsible development and sensible planning. Recently, MEREDA passed legislation to expedite the land use appeals process in Maine and help facilitate development throughout the State. This new law, LD #775, “An Act to Streamline Judicial Review of Certain Land Use Decisions,” represents progress for the real estate and development community. Another achievement was the passage of LD #395, “An Act to Amend the Site Location of Development Laws”, a bill that grandfathers existing storm water treatment systems when a prior municipally-approved project proposes an expansion that now falls under the jurisdiction of the Department of Environmental Protection. The passage of this legislation allows for the resurrection of a project to expand an affordable senior housing Development in southern Maine, and will have a similar positive impact on developments around the state. Our directors, staff, and volunteer committee leaders are all committed to providing our members with the highest level advocacy, professional development, and networking opportunities – all designed to promote responsible development in Maine and to help your business succeed. We take great pride in our mission and our accomplishments. Thank you for being part of MEREDA's success! We wish you a safe and joyous holiday season and look forward to working with you in the new year.

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Passive House Pushes [& Seals] The Envelope

November 15, 2016

Making Affordable Housing More Affordable Multifamily housing projects around the state have contributed to an improvement in construction activity post-recession. Hidden among the number of multifamily projects, two developments in ...

Making Affordable Housing More Affordable Multifamily housing projects around the state have contributed to an improvement in construction activity post-recession. Hidden among the number of multifamily projects, two developments in particular are helping lead an emerging national trend in affordable housing – Passive House. The design standard offers a new path for project teams seeking out ways to build better while providing higher-quality, more affordable options for the communities they serve. Two of the largest commercial Passive House developments in the U.S. are both affordable housing projects. One of those is Village Centre Apartments in Brewer, which added 48 units of much-needed workforce housing to the greater Bangor area in May, 2016. Another project of note in Maine is Bayside Anchor in Portland’s Bayside neighborhood, adding 45 units of mixed-income housing. Both Bayside Anchor, developed by the Portland Housing Authority and Avesta Housing and designed by Kaplan Thompson Architects, and Village Centre, developed by Community Housing of Maine and designed by CWS Architects with sustainability consulting by Thornton Tomasetti, are built to Passive House Institute U.S. (PHIUS) standards, a rigorous design standard which results in ultra-efficient buildings that require little energy for space heating or cooling. Once the exclusive domain of custom home building in the U.S., technically adept developers, designers, and builders are seeing Passive House standards as a way to make affordable housing more affordable. Achieving Passive House certification is all about results. The allowable air tightness limit for Bayside Anchor and Village Centre was 0.05 CFM50/ft2 – an aggressive target. Passive House buildings feature continuous insulation, ensure limited thermal bridging throughout the entire building envelope, and are incredibly airtight to prevent undesirable exchange of interior and exterior air. High performance windows and doors, balanced heat-recovery ventilation, and minimal space-conditioning systems are incorporated to maximize efficiency. Passive House projects also take advantage of solar heat gain, through strategic building siting, and internal heat gain to further reduce dependence on limited systems. Solar exposure is managed through glazing or shading to provide heating benefits in the winter and cooling benefits in the summer. The application of Passive House design and construction principles means lower operating costs for building owners supporting the long-term viability of properties. Village Centre is estimated to be over 60 percent more energy efficient than a code building, with a targeted site energy use intensity of 22 kbtu/sf/yr. These are simply the results that can be achieved within the fixed budget (roughly $139/sq. ft.) defined by the project requirements as a publicly-funded development under the Maine State Housing Authority. Many cases demonstrate that Passive House buildings can offer energy savings from 75% up to 90% when compared with average new buildings or typical building stock. The benefits for residents and other end-users, chiefly comfort and energy efficiency, are even more important. In many cases, the energy savings realized by building owners may be passed on to tenants, with individually metered units and segmented utility bills. The lowest number often rules in the construction industry. It can be far too easy to lose sight of what’s most important – real value and the overall quality of life for the building occupants and end users. The Passive House standard holds up critical human elements of comfort and environment as its top priorities. The growing presence of Passive House work and the increasing knowledge-base in Maine will only serve to benefit our state and its residents as a whole. Cordelia Pitman is Director of Preconstruction Services for Wright-Ryan Construction, a member of the Maine Real Estate & Development Association. For more info go to wright-ryan.com. Wright-Ryan served as the Construction Manager for Village Centre and Bayside Anchor.

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MEREDA Thanks Its Valued Members

Passive House Pushes [& Seals] The Envelope