PORTLAND, Maine — Chipotle and Dunkin’ Donuts franchises are set to anchor a new retail center in Portland’s Bayside neighborhood, where the project’s real estate broker projects construction will start in May 2015.
The commercial real estate brokerage CBRE The Boulos Co. began marketing the property earlier this month, advertising two spaces available for lease in a building shared with Chipotle and Dunkin’ Donuts as anchor tenants. It would include another freestanding building.
It would be Chipotle’s first location in Portland, though the burrito chain has stores nearby in South Portland and Westbrook.
The location at 45 Marginal Way includes Century Tire, a business that closed in February after about 88 years in operation.
In a nod to that storied Portland business, the developers have dubbed the project “Century Plaza.”
Joseph Porta, the broker marketing the property for developer Northland Enterprises, said that Northland has signed letters of intent with Dunkin’ Donuts and Chipotle and is in negotiations with a third tenant he could not disclose.
Portland’s Bayside neighborhood has been a focus for development in recent years as the city continues to grow.
“It’s the only part of Portland’s peninsula that doesn’t have any density,” Porta said, noting that corridor along Marginal Way has been popular for national retailers.
The project would be near a planned mixed-use residential and commercial Midtown development from the Federated Cos., which recently reduced the size of the project in hopes of securing a permit from city officials.
The property is currently owned by Atlantic Bayside Investments LLC, which bought it for about $1.5 million in April, according to city records. Porta said Northland is now working on finalizing commitments from the tenants and then would close on buying the property from Atlantic Bayside.
Northland is a Portland-based development firm run by Rex Bell and Josh Benthien, whose projects include the former Baxter Library that now houses the VIA Group advertising agency.
In a brochure advertising the development, Boulos said they plan to complete the project by January 2016.