The adaptive reuse of a single-tenant property in a tired industrial building in Portland’s East Bayside neighborhood into a space for multiple tenants has won a 2024 CoStar Impact Award.
The building at 31 Diamond St. was not being put to its highest and best use. The neighborhood's popularity had grown substantially over the years, and its desirability to tenants was evident.
But the building needed to be redeveloped and that would entail a complicated process. Zoning required the building to be home for light industrial use, and the property needed significant work to achieve its potential.
Tom Moulton and Katie Breggia from The Dunham Group found buyers in PK Realty who were experienced developers and creative thinkers. Working collaboratively, PK Realty embarked on the journey to redevelop the entire building into a space for multiple tenants.
The project was a cooperative effort on every level, from working with Archetype Architects on the design to navigating unexpected delays with the construction company and the city permitting process.
The result is a sleek building that looks brand new and unrecognizable from its former state. From the outset, the PK Realty team sought community feedback to develop a space that would add to the neighborhood.
They had a vision for the building and needed to find the right combination of tenants to coexist together, creating a nice little community that would also align with their values and sustainability goals.
With their emphasis on developing environmentally friendly buildings, one of the exciting features of the upgraded Diamond Street space is dual-fuel rooftop heat pump units — the first of their kind in the city.
Working with Efficiency Maine, an independent, quasi-state agency, PK Realty will track energy use, guide tenants on reducing their carbon footprint, and share data on the building’s performance with the city.
One of the tenants, Tom Ruff of Orange Bike Brewing Co., is Portland’s first dedicated gluten-free brewery and was a great match for PK Realty’s values and goals for the Diamond Street development.
Ruff worked with fellow Dunham Group broker Justin Lamontagne, who has helped many Maine breweries find a home. Ruff immediately felt a sense of community in the neighborhood, and it was important to him that the landlord and other tenants shared a similar ethos and commitment to sustainability.
Orange Bike Brewing Co. is looking to become a Certified B Corp and is working with several universities to examine how breweries can be more environmentally responsible.
The redevelopment is now home to four businesses: Orange Bike Brewing Co., the eco-friendly clothing company Toad & Co., the restaurant and catering company Bite into Maine and Freedom’s Edge Cider, and the complex cider production and tasting room.
The project was selected as the winner of the 2024 CoStar Impact Award for redevelopment of the year for Portland/South Portland, as judged by a local team of real estate professionals familiar with the market.
About the Project: The redevelopment by Jennifer Packard of PK Realty Management received its certificate of occupancy on April 1, 2023. Archetype Architects were the architects on the project.
What the Judges Said: "Creative re-use of an older industrial building helping four local businesses grow and prosper," said Justin Lamontagne of The Dunham Group.
They Made It Happen: Thomas Moulton, partner and broker at The Dunham Group, Justin Lamontagne, partner and designated broker at The Dunham Group. Katie Allen Breggia, broker at The Dunham Group. Jennifer Packard of PK Realty Management.