Past Projects
Our Past Development Projects
Development projects involve not only securing commercial and residential tenants in favorable leases, but also placing those tenants in structures where the pre-development value is severely impeded by factors such as physical, environmental, or entitlement issues. The combination of quality tenants in properties with depressed values, when properly executed, can lead to returns many times greater than those found in traditional real estate deals. Recent examples of NAM redevelopment projects are listed below.
Central Maine Commerce Center - Augusta, Maine.
In late 2003 an affiliate of NAM purchased a 300,000-square-foot empty manufacturing facility on the outskirts of Augusta, Maine, for $4.5 million. This property was formally used by Digital Equipment Corporation, which closed its operations in 2003. Within 36 months, NAM completely converted the existing property into the largest office building in Central Maine. In addition to tenanting the building primarily with “credit” tenants, NAM repositioned the excess land for redevelopment making the CMCC one of Maine’s largest business parks. Already, $70 million of additional investment has been planned or executed in the CMCC business park.
Saco Island - Saco, Maine.
Saco Island is one of the largest mill redevelopments of its type in the state. Purchased in 2007, Saco Island is a $100 million mixed-use project involving retail, residential and commercial office space. Vibrancy has returned to the once abandoned Island lead by the creation of the famed Run of the Mill Public House & Brewery, several hundred new residential apartments and commercial spaces.
MaineGeneral Health - Oakland, Maine.
In 2007, Maine’s second largest hospital, Maine General Medical Center, approached the NAM team to develop one of Central Maine’s largest outpatient orthopedic medical centers. NAM secured a vacant, empty building and transformed it into a model orthopedic facility.
Augusta East - Augusta, Maine.
NAM acquired this prominent twenty acre, seven story, 317,000 sq. foot structure situated not far from the banks of the Kennebec River in late 2012. The property formerly served as the primary acute hospital in Central Maine and had been owned by MaineGeneral Health. NAM redeveloped the property into a mixed-use development, a combination of office and commercial space.
Hallowell House - Hallowell, Maine.
In 1830, a group of Hallowell residents constructed a five-story hotel so that the City of Hallowell could compete in the race to become Maine’s capital. The race was unsuccessful for Hallowell, but they succeeded in building a stunning Federal period hotel. After purchasing the Hallowell House in 2007, NAM fully restored and modified the building to meet the unique requirements of the Maine Public Utilities Commission. In 2010 the Hallowell House was presented with the Outstanding Historic Preservation Project award by the Maine Downtown Center.
MaineGeneral Health - Augusta, Maine.
In 2009, MaineGeneral Medical Center began looking for a new musculoskeletal center to attract world-class talent to Maine’s capital region. NAM worked with the hospital to design and build a 51,000-square-foot state-of-the-art medical facility at the entrance to the Central Maine Commerce Center. The completion of this building in June 2011 represents the largest office construction project in Maine’s capital region that year. In 2011 the Maine Real Estate & Development Association presented MaineGeneral Health with the 2011 Notable Project Award.
Masonic Hall, 415 Congress Street - Portland, Maine.
Often, a project needs only repositioning rather than full-scale redevelopment. NAM has overseen several such projects, including 415 Congress Street in Portland, where the focus was on the operating economics of the project. The purchase strategy allowed NAM to sign long-term leases with existing tenants resulting in increased net cash flow.