MaineHealth, the prominent healthcare system behind Maine Medical Center, has expanded its real estate portfolio with the $16.8 million purchase of Union Station Plaza, a shopping center located at the intersection of Congress and St. John streets in Portland. This acquisition brings the location of Maine Hardware on St John Street and other established businesses under MaineHealth’s ownership.
View of Union Station Plaza at Congress and St. John Streets in Portland, Maine, featuring Maine Hardware and neighboring Maine Medical Center in the background.
The purchase, finalized recently, includes the 110,000-square-foot Union Station Plaza, a well-known landmark in Portland that houses a variety of businesses. While MaineHealth has stated there are no immediate development plans for the site, the acquisition signals a significant investment in the St. John Street area and the surrounding Libbytown neighborhood. The plaza sits adjacent to Maine Medical Center’s employee parking garage and an office building already leased by MMC at 222 St. John St., further solidifying MaineHealth’s presence in this part of Portland.
According to a news release from MaineHealth, the purchase is strategically offset by the existing revenue generated from the commercial leases within Union Station Plaza. City records indicate the plaza’s assessed value is $12.6 million, and it will remain on Portland’s tax rolls, ensuring continued tax revenue for the city.
Union Station Plaza holds a unique place in Portland’s history. Once the site of a grand train terminal that was unfortunately demolished in the 1960s, the plaza now serves as a commercial hub. Among its tenants, Maine Hardware stands out as a key local business, alongside Rent-A-Center and Buckdancer’s Choice, a musical instrument store that has been serving the community since 1976. For residents and visitors alike, Maine Hardware on St John Street is a go-to destination for home improvement needs, tools, and local expertise.
Exterior of Union Station Plaza in Portland, Maine, showcasing Maine Hardware and other retail spaces available for lease.
Businesses within Union Station Plaza, including American Pool & Billiards, are taking a measured approach to the news. Sydney Neptune, manager at American Pool & Billiards, mentioned they are not overly concerned, citing their existing lease and continued strong business. She noted that the possibility of MaineHealth expanding its footprint in the area was not entirely unexpected, especially after the construction of the nearby parking garage.
Jeff Sanders, president of MaineHealth’s southern region, emphasized the long-term perspective driving this purchase. “This was a unique opportunity that we could not ignore,” Sanders stated. “This allows us to consider a very long-term approach to meeting the health needs of our community and helps ensure the viability of the investments we have already made in that area. We understand and respect the significance the property and tenant businesses have to the neighborhood and city, and we intend to honor the business leases currently in place.” This statement provides reassurance to current tenants like Maine Hardware and other businesses at Union Station Plaza.
Sydney Neptune, manager at American Pool & Billiards inside Union Station Plaza, Portland, sharing business perspectives on the recent property acquisition by MaineHealth.
MaineHealth’s acquisition of Union Station Plaza is not its first foray into real estate in the vicinity. The healthcare system already owns properties housing Pizza Villa and a D’Angelo sandwich shop nearby. Furthermore, in 2020, MaineHealth acquired the former Greyhound bus station across St. John Street, currently being developed into a food pantry to serve the local community. This ongoing investment demonstrates MaineHealth’s commitment to the area surrounding Maine Medical Center and St. John Street.
Maine Hardware, a long-standing anchor tenant at Union Station Plaza on St. John Street in Portland, Maine, now under new ownership by MaineHealth.
Bob Connor, the previous owner of Union Station Plaza for 30 years, indicated that selecting the right buyer was a priority. “In MaineHealth, we had a local buyer with a positive impact on our community and a vision for the future that benefits all Mainers,” Connor stated in the release.
As northern New England’s largest healthcare system, MaineHealth’s purchase of Union Station Plaza marks another chapter in the evolving landscape of the St. John Street area. While the immediate future of Union Station Plaza remains focused on its current tenants like Maine Hardware and other local businesses, MaineHealth’s long-term vision for the property and its surroundings will be closely watched by the Portland community.
