PowerPay LLC, a local Maine business that currently leases space in downtown Portland, has recently purchased the former Portland Public Market building, as well as the vacant lot at 409 Cumberland Avenue. The lot, purchased at auction for $340,000, brings to an end the attempt to build a 12-story condominium at the location known as Waterview. Contractor liens finally forced the court-ordered sale.
The project represents a new chapter for the high-profile Portland Public Market building, which was launched in 1998 by the nonprofit Libra Foundation to help farmers and small businesses by extending economic development into the city’s Bayside neighborhood. The market closed in 2006, after Libra decided the building had achieved its goals for Bayside and that the strong real estate market made it a good time to sell properties in Portland.
PowerPay provides payment processing for retailers and other businesses. It was founded in 2003, with six employees. It now has 125. According to CEO Stephan Goodrich, the former Public Market building offers considerable space for growth and a progressive office environment that will take advantage of the buildings natural light and soaring ceilings.
Goodrich’s involvement with the former market is even more surprising because, earlier this year, the empty building was sold for $1.9 million to Atlantic National Holdings. Atlantic’s parent company had done extensive office construction in the adjacent Bayside neighborhood.
At the time, city officials were hopeful that the purchase would bring new life to the high-profile market building, which has languished for more than two years. But Atlantic changed its plans and put the building up for sale this summer. Goodrich said he paid more than $2 million and closed in October.
Posted by: Michael Sosnowski
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Maine Real Estate
Portland
Business News