Falmouth shopping center project almost complete
The developer behind two new buildings at Falmouth Shopping Center leased the majority of the space even before construction was complete. The developers say this indicates a high demand for commercial properties in the area.
The Falmouth Mall was purchased by Jonathan Cohen in 2018. He expanded it to include a mix of retail and commercial space. The two buildings are four stories and approximately 26,000 square feet.
Chase Bank has leased the first floor of the first building, approved in February, and the fourth floor is under contract with a company that will have private offices, said Steve Baumann of Compass Commercial Brokers. The second and third floors are still open, but there is a lot of interest in both, he said.
Construction of the building is expected to be completed in November.
The second building is fully leased with the exception of 3,972 square feet on the third floor. However, Baumann said there had also been requests for proposals to use this space.
The building will be completed in December, although construction has been postponed until the end of 2020 due to the pandemic.
Space in the second building will be leased by Sicilian Table, owned by Ed Manganello, owner of Royal River Grill in Yarmouth and Tuscan Table in Maine Mall. The tenants were announced last week by Cohen on social media.
“We have an upscale restaurant on the first floor with a lovely outdoor area,” Baumann said.
The second floor and half of the third will be occupied by the Lanman Rayne law firm of Portland. Puritan Medical Products, which produces medical cotton swabs, will be on the top floor.
Baumann said the offers show the need for the Route 1 commercial zone, which underwent zoning changes around 2013, to become more business-friendly.
“Diversifying the tax base is also always of interest to communities,” Falmouth Economic Development Director Theo Holtwijk told The Forecaster. “If you do not have a commercial tax base, the burden of property tax falls primarily on residential taxpayers, therefore have distributed it between Residential and commercial helps everyone. So from a tax perspective, we think that’s a good thing.
Holtwijk also said that multiple uses mean good use of the land, as a parking lot can serve multiple tenants.
Baumann noted the desire for cheaper parking for offices, and that many offices might consider moving out of Portland due to the high parking costs. Baumann estimates that a parking space in Portland comes at an additional cost of $ 9 per square foot per office.
“We saw quite a appetite for office space. The suburban market is much stronger than the downtown market, ”Baumann said.
Portland Meetings: September 8-15