PORTLAND, Maine--(BUSINESS WIRE)--GreenMars Real Estate, a Maine business dedicated to quality, affordable development that supports vibrant communities, has proposed a new, mixed-use restoration plan for the Time and Temperature building that combines residential, retail, office, and hospitality space. GreenMars’ approach retains the building’s historic elements, including its famed Time and Temperature sign, while adding 120+ units to Portland’s housing supply. The new plan also returns retail and commercial businesses to the space once known as Maine’s first indoor shopping plaza. Hotel rooms and the region’s largest rooftop observation deck round out the new plan. GreenMars’ development team of childhood friends, Nate Green and Chris Marshall, have a 10+ year track record of on-time, on-budget development that revives once-vibrant Maine neighborhoods. Construction is slated to begin in 2024, marking the building’s 100th birthday.
“An estimated 250,000 people look to the Time and Temp. sign each day, yet the once-prized building beneath it sits vacant,” said GreenMars Real Estate’s Nate Green. “It needs a new life, but one that makes sense for Portland. We aim to restore this historic icon while establishing it as a ‘go-to’ destination where people shop, work, eat, live, and appreciate the city. As people return to the building, the once-thriving neighborhood around it also gets a new life. We hope our submission is viewed as an innovative approach to ensuring the long-term viability of this historic landmark. Importantly, we want the people of Portland to know that the plan is also backed by two Maine people who have deep ties to the area and are committed to the building’s successful future.”
GreenMars submitted its Major Site Plan—change in use application for the new Time and Temp. project to the City of Portland in September. The application outlines its plan to transform the 14-story building into 120+ apartments and an equivalent number of hotel rooms. The new plan prioritizes the building’s mixed use and public accessible space, including a rooftop observation deck that offers expansive views of Casco Bay on one side and Mt. Washington on the other. The observation deck will also give visitors photo opportunities with the Time and Temp. sign. GreenMars’ thoughtful inclusion of hotel rooms not only supports the city’s growing demand, but also the building’s new life as a destination, which preserves its long-term viability.
“Growing up, Nate and I were always building and fixing things to make our neighborhood better,” said GreenMars Real Estate’s Chris Marshall. “We’re beyond thrilled to apply this early passion to such a venerated Portland landmark. We strive to establish it as a destination for residents, visitors, and tourists alike, and hope the city views our proposal as a thoughtful, creative approach to returning this piece of history to the city in a way that makes sense while also supporting its viable future. The combination of residential, retail, business and hospitality ensures a bright future. Nate and I, along with our financial partners, are committed to the project’s success and welcome inquiries from potential financial supporters who share our passion for Maine.”
About GreenMars Real Estate
Nate Green and Chris Marshall completed their first successful “renovation” at eight years old. They founded GreenMars Real Estate in 2011 to apply their childhood passion to development that benefits Maine’s people and communities. Current projects include the Nasson College renovation in Springvale, which is transforming former dormitories into housing in York County. Past projects include Yarmouth Commons, which turned a vacant lot into a market-rate, mixed-use apartment and commercial complex, as well as new housing through repurposed buildings and new construction. To learn more about GreenMars and its approach to responsible development, please visit www.greenmars.com.