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By Ray Routhier, Portland Press Herald
"For the longer view, look to the block at the corner of Middle and Pearl streets, built in 1876 for shipbuilder John E. Donnell. Tim Soley bought the property in 1993 for $1.2 million, and today its taxable value is more than $7.3 million, according to Portland assessor’s records...
Soley, whose East Brown Cow and affiliated property management companies own 16 Old Port properties, says he’s consistently tried to fill the ground floors of his buildings with businesses that generate foot traffic. He says the hotel boom has helped bring in customers for a wide variety of businesses, because they are in the Old Port all day and overnight, unlike cruise ship passengers or day trippers. Soley also thinks the Old Port’s current mix of shops, restaurants and other amenities helps make the city a more attractive place to live and work, as evidenced by large companies like payment-processing technology firm Wex and financial services firm Sun Life U.S. recently relocating their headquarters there."
