By spring 2020, 28 apartments will be leased or ready to lease in two buildings on Franklin Street in Bangor that have been fully renovated over the past year, adding to a high-end downtown rental market that has seen exponential growth in the past five years.
The apartments are part of two large redevelopment efforts undertaken over the past year by two teams of Bangor developers.
Abe and Heather Furth, who own Orono Brewing Company, and their business partner, contractor Roy Hubbard, purchased 29 Franklin St. in 2017. The building was most recently owned by, and the home for, social services organization Northeast Occupational Exchange.
The city of Bangor has assessed the tax value of 29 Franklin St. at $555,700, and its purchase has brought it back onto the city’s tax rolls, as Northeast Occupational Exchange is a nonprofit. The City Council voted in March to extend seven years of property tax relief to the Furths and Hubbard, due to their extensive renovations.
Just a few hundred feet down the street, Vance Aloupis, an obstetrician-gynecologist in Bangor, purchased the five-story 99 Franklin St. in October 2018. The assessed tax value for that building, which formerly was the corporate headquarters of Bangor Savings Bank before it moved to its new Bangor Waterfront campus in February 2019, is $1,272,300.
Tower 99, as Aloupis and his property manager, Tammie Boisvert, have dubbed the property, is a project Aloupis has long wanted to undertake. Aloupis owns two other large apartment complexes in Bangor through his company, Longrale Apartments, with 128 units in total.
“I’ve always wanted to own a high-rise, so when this building became available, I knew this was the one for me,” Aloupis, 72, said. “And, it’s got parking, which is really important.”
Boisvert has been overseeing the renovations on the building. The bottom floor of 99 Franklin St. was built in 1912, as were many of the buildings on Franklin Street, which was devastated by the Great Bangor Fire of 1911. In the 1970s, the top four floors were built on top of the ground floor. Bangor Savings moved in in the 1990s and was there for more than 20 years.
Emily Burnham is a Maine native and proud Bangorian, covering business, the arts, restaurants and the culture and history of the Bangor region.
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