Destination: Portland, Maine
An incredible location
58 Fore Street is located on the Eastern Promenade between the water’s edge and the Munjoy Hill neighborhood. This area is in close proximity to Portland’s famous retail and restaurant scene, and within approximately 1,300 feet to the recently developed $20 million Ocean Gateway terminal transferring approximately 120,000 international ferry and cruise passengers to and from Portland annually.
Portland is Maine’s largest city. This historic seaport is comprised of an eclectic mix of architecture and industries, with a thriving creative economy working alongside its famous working waterfront. In addition to arts and culture, the area also boasts an ever-growing culinary reputation bringing millions of visitors a year to Portland’s expanding restaurant scene.
As well as being the state’s largest city, Portland has become Maine’s economic capital due to having Maine’s largest port, and being within close proximity to Boston (110 miles to the south).
Over the years, the local economy has shifted from fishing, manufacturing, and agriculture towards a more service-based economy relying on “leisure and hospitality” for over 11% of Portland’s GDP in 2015—all told, visitors to the Portland metro area generated $1.0 billion in taxable restaurant and lodging sales in 2015, representing approximately 43% of Maine’s total restaurant and lodging sales.
The City’s port is also undergoing a revival—the first ever container train recently departed from the newly opened International Marine Terminal with 15 containers of locally produced bottled water. All of this has led to Portland experiencing an unemployment level below that of national and state averages—2.8% in April 2016. Portland and surrounding communities also have higher median household incomes than most other Maine communities.
The 58 Fore Street development symbolizes the transformation Portland has experienced over the previous 15 years. Inspiring the master plan, Portland is comprised of entire neighborhoods of red brick buildings dating from the late 1860s which offer a glimpse of the careful craftsmanship and fine architecture of the era. Portland allows residents and visitors to walk along pleasant residential streets adjacent to downtown and marvel at the work of nationally renowned residential architects of the era.
The Old Port is a quaint, Victorian district of shops and restaurants in restored commercial buildings. As one of the most successful revitalized warehouse districts in the country, the Old Port seamlessly connects to the waterfront and acts as both a working waterfront and a chic shopping, dining, and entertainment district—all within approximately one quarter mile from 58 Fore Street. Up on the eastern part of the City’s peninsula stands the Portland Observatory, the only remaining maritime signal station in the United States, and thus a unique architectural icon of maritime shipping. The tower offers unobstructed views of the entrance to Portland’s harbor—similar views to be experienced by the future residents and guests of 58 Fore Street.
Economic successes have led to multiple new developments in the area totaling approximately 600,000 square feet of new commercial space being developed in the past 5 years. Portland’s hospitality sector is also growing with 5 new notable hotel developments completed in the last 24 months (approximately 500 keys). The hotels, a mix of private operators and national flags, speak well to the demand from the visitors outside of Portland’s growing permanent population of approximately 525,000 residents.
Airports Council International (ACI) named Portland International Jetport “2015’s Best Airport in North America.” PWM accommodated over 1.7 million passengers in 2016.
Portland is one of Maine’s most active ports for cruise ships. 2016 hosted 77 ships and over 106,000 passengers.
- America’s Most Livable City - Forbes.com
- Top 10 for New England’s Best Cities - GoLocal
- Top 15 Best Places to Live in the United States - Outside Magazine
- America’s Foodiest Small Town - Bon Appetit
- Best City for Young Professionals - Forbes Magazine
- Top Ten Best Restaurant Metro Area in the U.S. - Huffington Post
- Top 10 for Job Prospects - Forbes.com
- Third Best City for Families in the U.S. - Parenting Magazine
- Top Ten Best Last Minute Summer Gateaways - Traveler
- World’s Best City for Craft Beer - Matador Network