The Time and Temperature building has remained vacant for years following an unsuccessful attempt to convert it into a hotel. However, Maine-based Green Mars Real Estate Co. has now submitted new proposals to repurpose the building into a mixed-use space, blending commercial and residential elements.
The envisioned transformation includes plans for a restaurant, retail space, an observation deck, 136 hotel rooms, and 140 small apartments, with five of these apartments designated as low-income housing, aligning with the developers’ applications to the city of Portland.
To adhere to Portland’s inclusionary zoning requirements, a quarter of the units will meet “workforce housing” standards. This translates to 35 units being rented at rates affordable to individuals earning 80% of the area median income, approximately $75,000 for a two-person household in Portland. The next steps involve presenting the project to Portland’s planning and historic preservation boards for evaluation.
Originally named the Chapman Building, the Time & Temperature building was designed by local architect Herbert W. Rhodes, who also designed the The Eastland (The Westin Portland Harborview.) In 1964, two stories were added, and a flashing time-and-temperature sign was installed on the roof by Casco Bank, the building’s owner at the time.
Philanthropist Elizabeth Noyce’s Libra Foundation purchased the building in 1995, completing renovations in 1996. .In 2003, the Libra Foundation sold the building to 477 Congress LLC, a subsidiary of Kalmon Dolgin Affiliates. However, by 2016, occupancy had declined to 60% due to a lack of maintenance, leading to the building’s foreclosure by Wells Fargo in May 2016. In October 2018, TT Maine Venture acquired the building at auction for $9.3 million.
As the plans unfold, we’ll keep you updated with any further developments.