At the turn of the 20th century, Portland was experiencing a wave of change, especially along its main thoroughfare, Congress Street. The statue that gives Monument Square its name was dedicated in 1891, and our current City Hall began construction in 1909, replacing the former City Hall. Steamships and trains brought people to Portland from faraway places, and new trolley lines kept the city on the move as it expanded. The building that embodied this new era most was the Fidelity Trust Building at 465 Congress Street. At ten stories, the Fidelity Building was Portland's first skyscraper. It was designed in the Beaux-Arts style by Boston architect George Henri Desmond and opened in 1910 to great fanfare. Soon after, the Eastland Hotel, the Time and Temperature Building, and the State Theatre all popped up in the business district, adding to its early-20th century dynamism.
A soaring 30-foot-tall marble lobby with Corinthian columns and classical details is one of the city’s most impressive interiors. Modern conveniences include elevators made by the Portland Company and there was an impressive light well through the floors to bring light and air to interior spaces. Upper floors that held office spaces have been altered and the building is currently vacant.
Thankfully, Jim Brady of the Fathom Companies is moving forward with an ambitious revitalization. Jim recently took GPL staff through the structure and shared his vision for a vibrant new hotel in this historic building. The bank lobby will become a monumental hotel lobby, transforming the marble teller counter into a large bar, adding a restaurant with a variety of seating options, and creating quiet spaces for remote work in the mezzanine. Jim enthusiastically pointed out all of the historic materials that will be restored and celebrated in the new spaces, with the same dedication to detail as The Press Hotel, another one of his projects. Most rooms will have a spectacular view, some with a birds-eye view of Monument Square, others overlooking the waterfront or horizon vistas to Mount Washington. The lower level, including the original bank vault, will be integrated into a new wellness center.
Developer Jim Brady highlights special features of the structure while standing in front of an historic photo.
Jim was candid about the challenges of pulling together a project of this magnitude. His team is able to utilize both state and federal historic tax credits, which is what makes the numbers work for this project. Without the tax credits, Jim says, the project wouldn't even be close to viable and buildings like this would be sitting empty for a long time. Historic tax credit bills recently passed in Augusta have allowed Jim to complete the whole project at once instead of in phases, which would have added significant costs. Maintaining and expanding historic tax credits takes devoted advocacy, so everyone who wrote to their elected officials, testified, or who supports GPL or Maine Preservation in our efforts will soon see the results in this stunning adaptive reuse project.
The rehabilitation of historic buildings takes a lot of patience and passion. Jim says that he loves doing projects like this, and that telling their stories is really fun. He likes to bring back to life something special for visitors, and bring back neighborhoods for Portland residents. This project will be truly transformational for Congress Street and we hope that it inspires other developers to see value in older and historic buildings. Portland is facing a number of challenges - housing access and affordability, climate change and flooding, traffic and walkability - and we feel that reusing our existing building stock is part of the solution to these challenges. This project will reopen a historic space, invite visitors back up to Congress Street to explore the historic district, and reenergize Monument Square. This project is a very welcome change.