It was less than 6 months ago when the local doomsayers were foretelling the end of the Old Port. True, at the end of 2009, there were reasons for concern. Many longstanding retailers turned in their keys to let someone else have the opportunity to sell their wares, many of them along Exchange St. Also contributing to the gloom at year-end was that for the first time in many years, there had been vacancies through the summer of 2009 on Lower Exchange St. A rough estimate indicates that there were 13 spaces that became available. The good news is that 11 have recently been leased. That is 3 spaces per month in the middle of the winter folks, not bad, not bad at all. It appears that the Old Port once again, is leading the city of Portland out of the doldrums and into the promise of a bright future.
The retail focus has morphed from nick knack stores, to high-end specialty home goods, artisan gifts and accessories, and a large influx of restaurants. Expansion is on-going as well. Mexicali Blues has leased the former Mr. Bagel space on Moulton St. directly across the street from their existing location. Matt Barney of Malone Commercial Brokers reports that the move was Aa perfect fit for both landlord and tenant. Mexicali Blues was able to fill their need for expansion close to the heart of the Old Port and the landlord secured a stable, long-standing retail tenant with very little downtime.
I'm also optimistic regarding further activity throughout the summer of 2010. Rental rates have softened somewhat but not excessively so. The Old Port is coming back strong. New retailers include international yoga and workout gear store lululemon at 24 Milk, DeLise Décor (home furnishings) at 322 Fore, Lisa-Marie's Made In Maine (gift shop featuring products by Maine artisans) at 35 Exchange, Lovely Things (new and antique jewelry and accessories) at 332 Fore, Mt. Desert Island Ice Cream (ice cream, sorbets, frozen novelties) at 51 Exchange, Nicola's Homes (home furnishings and design center) at 215 Commercial. Restaurants include Sonny's on Upper Exchange next to Tommy's Park, Pat's Pizza at 30 Market, an expanded Market Street Eats at 36 Market, Havanna South on Wharf St., Linda Bean's Maine Lobster Rolls at 39 Exchange, Shima at 339 Fore and an expanded Walter's at 2 Portland Sq. These new retailers and restaurants are helping to change the face of the Old Port and point to the district's bright future.
It is true that not all areas within southern Maine are experiencing the same pace of re-absorption of space. Too much retail space was created and it will likely take years for the excess space to be absorbed. The Old Port however, offers a shopping experience unique to the area. It's nestled in the heart of a beautiful city, at the gateway to Portland Harbor and all it offers. The combination of its historical setting and the city's commitment to maintain its character bodes well for the future.
Peter Harrington is an associate broker with Malone Commercial Brokers, Portland. ME.