When one of Bangor’s most prominent blocks changed hands last September, it was about 60 percent vacant. Now there is just one vacancy at the buildings on Central and Hammond streets, owner Tim McClary said.
Real estate broker McClary and his partners at 207 Capital LLC bought 1-35 Central St. as well as 23 and 25 Hammond St. for $1.2 million on Sept. 1, 2022, according to city records. Their plan was to keep the space commercial and attract more businesses, which complements various residential projects downtown, he said.
More recently, Tom Bourdeaux of Portland-based ArtStream LLC bought 187, 189, 191, 193, 197 and 205 Exchange Street for $1 million from ANM Properties on March 3, city records show, but he hasn’t publicly revealed his plans. The stretch is known to some as the Nichols Block, which houses Bangor Arts Exchange.
“Right now we’re still getting a feel for the building and making plans internally,” the property administrator said Friday.
During the last year or so, some well-known blocks of Bangor have changed hands, sparking questions about the downtown’s future. Notable projects are underway or wrapped up, like renovations to the former Bangor Hydro building. At 207 Capital’s properties, also called the Stetson Block, people seeking a prime location for their storefront or services moved in.
“We knew there was a potential to grab people downtown,” said Nicole LaRochelle, founder and CEO of a medical aesthetics business that opened at 31 Central St. in June. “They can get their bagels [at Bagel Central] and their botox at the same time. We’re right upstairs.”
Ruth & Naomi Medical Aesthetics LLC has four registered nurses who offer botox, fillers, IV therapy and other services, she said.
The business covered the costs of painting the walls, putting a new floor down in place of broken tiles and rewiring its electricity because having an aesthetic space for clients is important, LaRochelle said. Other expenses were handled by the 207 Capital, like replacing windows.
The company has spent about $200,000 on upgrades, including $90,000 on the roof, hiring a private security company to monitor the building, and changing fluorescent light bulbs to high-efficiency LED lights, McClary said. Some unexpected repairs also arose, like in June, when a broken toilet overflowed and caused water to leak through the ceiling of bookstore The Briar Patch.
The company also plans to take advantage of Bangor’s annual facade grants, which would allow it to replace windows on the old buildings. South-facing windows are in particularly rough shape, McClary said.
When 207 Capital took over, almost every tenant in the building had a month-to-month lease, and they were offered longer-term leases at slightly higher rates, McClary said. Some left, but many new businesses set up shop, he said.
Because the businesses cannot absorb an immediate jump to market rate, their rates have increased incrementally, he said.
Lisa Duff, who owns Precious Photography, moved from 31 Central St. to 9 Central St. last year so that she could upgrade her studio space. She doesn’t have a storefront like some of the other businesses, but she relies on downtown traffic and handing out business cards to attract new clients.
She likes the building’s history and that tenants can make creative changes to their spaces, though she wishes the upper floors were accessible for those in wheelchairs, she said. In the new year, Duff plans to paint her studio bright white and put up more shelving, among other tweaks to make it more homey, she said.
“I think what’s happening downtown is good for small businesses,” she said. “This is the kind of place where they can get a solid start.”
207 Capital has 61 tenants between the two buildings, including artists’ studios and office spaces. Businesses that have moved in since last September include vintage shops Red Rabbit Bazaar and UniKue & OriJinals, Bangor Haberdashery, Clean Carving Tattoo Parlor, candle company Koko Collective and Crime Shield USA, among others.
Investment in Bangor’s downtown should be done in a holistic way, with support and nurturement for the businesses that make up the city’s fabric, said Gibran Graham, who owns The Briar Patch.
“When new investors come in, they need to think about what’s good long-term for downtown and not just that one building and their pockets,” he said.
Graham leases additional space next door to his business, which he uses for storage but has hoped to turn into an expansion since 2020, though the COVID-19 pandemic and a debilitating stroke in February delayed his plans. He still hopes to expand, but he first wants to come to an agreement with 207 Capital, which he hopes will happen in the next few months, he said.
