REAL ESTATE & CONSTRUCTION
Home sales set record in 2016
Maine set a record for home sales in 2016, and local real estate professionals say the momentum fueled by a strong economy and low interest rates has carried over into 2017. The number of homes sold in Maine increased nearly 12 percent from 2015 to 2016, according to data released Tuesday by the Maine Association of Realtors, easily besting the national year-over-year increase of 0.7 percent. The 2016 sales year ended with 17,507 transactions statewide, the highest number in the 18 years the association has been tracking sales. In Maine, 2016 ended with a median home price of $189,400, a 4.9 percent increase over 2015. The national median home price for 2016 was $233,900, a 4 percent increase over 2015. A median price means half the homes sold for more and half sold for less. Read the story.
TRADE
Planning Board wants more details on waterfront warehouse
The Portland Planning Board says it needs more information to justify a zoning change that would allow a 68-foot-tall cold-storage facility proposed for the western waterfront. Board members said they wanted to see more data when they took up the issue Tuesday. The building proposed by Americold Logistics LLC, which could invest up to $30 million in the project, has been touted as an economic game-changer for Portland and Maine, but faces intense resistance from West End residents because of its size. The Portland Economic Development Office is seeking a zoning change to increase the building height limit from 45 feet to 75 feet. The change is requested by Atlanta-based Americold, which in 2015 was chosen by the Maine Port Authority to build a modern cold-storage building on the waterfront. Board members said they wanted to know specific business reasons for the need to increase the building height allowed under the current zoning, and how much of the cold storage space would be used by the shipping company Eimskip. Read the story.
TRANSPORTATION
Metro ridership breaks record
The Metro bus service reached a record 1.8 million riders last year, a 15 percent increase from 2015. There were 1,810,825 riders on Metro in 2016, shattering the 1,568,136 riders in 2015. That year marked the highest ridership in 30 years, according to Metro. Surging ridership was assisted by the launch of the Metro Breez commuter service between Portland, Falmouth, Yarmouth and Freeport and contracts with Portland Public Schools and Baxter Academy. Since 2013, the service has been upgrading its infrastructure and improving weekday frequency and Sunday and holiday schedules. Metro plans a new route to connect Portland to Westbrook and Gorham with a limited-stop express service in conjunction with a transit pass program for University of Southern Maine Students. Depending on grant funding, that service could be launched in 2018. Metro also plans to extend the Breez service to Brunswick. Read the story.
AGRICULTURE
Mars Hill potato company sold to affiliate of Bob Evans restaurant chain
Bob Evans, the family-dining chain that dots highways across America, is getting out of the restaurant business to focus on food processing. And it’s taking an Aroostook County potato company along with it. In a two-part transaction, Bob Evans Farms Inc. sold off its chain of restaurants Tuesday to an affiliate of Golden Gate Capital for $565 million, according to a news release posted on the Ohio company’s website. On the same day, it signed an agreement to acquire Pineland Farms Potato Co. in Mars Hill for $115 million.
In its release, the company said the deals start a new era for Bob Evans, where it can focus exclusively on its growing food processing business. The deal is expected to benefit the potato farm, in which the Libra Foundation has been the principal investor. Rodney McCrum, the president and chief operating officer of Pineland Farms Potato Co. and the entire staff are expected to continue their roles as the management team of the company. Read the story.
TECHNOLOGY
Software firm sold to Utah company
A South Portland company that develops software for architects and the construction industry has been acquired by a private equity firm in Salt Lake City. InterSpec, which employs about 20 people, developed a suite of software products under the name e-SPECS that speeds up the specification process using automation. The company, founded in 1998, was acquired by Arcom, an affiliate of Alpine Investors, for an undisclosed price. Arcom develops and distributes software for the design and construction industry. MasterSpec is its best-known product, used by architects and engineers to customize designs and ensure accurate specifications. Executives from both companies say the acquisition allows for better integration of their software products, which will benefit customers. The employees at InterSpec will continue to work out of South Portland offices. Read the story.
MTI grants draw $1.6 million in private financing
Maine Technology Institute awarded more than $95,000 in its latest round of funding, which leveraged nearly $1.6 million in private financing. The organization that supports and fosters technology startups made seven awards. Recipients were: Warmsoft LLC and Jonathan Amory of Portland; Security Solutions of Maine of Bangor; Boreal Games of Farmingdale; NBT Solutions of Portland; RockStep Solutions Inc. of Portland; bluShift Aerospace Inc. of Brunswick; and Eldertide LLC of Dresden. Read the story.
GENERAL BUSINESS
Lawmakers, governor at odds over delay of retail sales of pot
Efforts to rush through changes to Maine’s marijuana law before the drug becomes legal next week faltered Thursday amid political wrangling between the Legislature and Gov. Paul LePage. House and Senate lawmakers unanimously approved a bill Thursday delaying retail sales of marijuana and closing a potential loophole that could allow Mainers under age 21 to possess the drug. But LePage said he has no plans to sign or veto the bill because lawmakers failed to provide money to his administration to begin rulemaking or to address concerns about the best state agency to oversee marijuana licensing. As a result, Maine’s new marijuana legalization law is scheduled to take effect Monday without clarifying the underage issue or addressing concerns about marijuana use in moving vehicles. Read the story.
Restaurant owner joins sanctuary movement
The owner of Bob’s Clam Hut and Lil’s Cafe doesn’t hire undocumented workers, but last week he declared the restaurants as “sanctuary restaurants” that protect immigrant workers from discrimination and harassment. Michael Landgarten’s restaurants have joined the national restaurant sanctuary movement started by Restaurant Opportunities Centers United and other organizations whose mission is to protect undocumented workers in the restaurant industry, as well as Muslims and people who identify as lesbian, gay, bisexual, transgender and questioning. It’s the undocumented workers in the industry that have gotten the most attention. Restaurant Opportunities Centers United estimates that there are 1.3 million immigrants working in the restaurant industry without legal permission. Most immigrants who work in Maine restaurants, however, are here legally on temporary visas, according to Landgarten and the Maine Restaurant Association. Landgarten estimates that perhaps 10 percent of his summertime employees are in the country on J-1 student visas and H2B visas for seasonal, non-agricultural workers. Most come from Romania, Jamaica and Turkey. Read the story.
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