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Renovation plans for recently purchased Bangor building means majority of current tenants must exit

Published: Jun. 7, 2022 at 5:41 PM EDT
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BANGOR, Maine (WABI) - A historic downtown Bangor building has a new owner.

“To serve and improve the housing crunch in downtown Bangor, it’s been very clear to us and others that there’s a lot of demand,” said Dash Davidson, High Tide Capitol.

27 Exchange St. is the fourth building Davidson and High Tide Capitol have purchased in downtown Bangor. In the past few years they’ve bought buildings on 2 Hammond St., 33 State St. and 213 Exchange St.

“This building in 27 State, which is our largest building, will have our most departments. They’ll be kind of slightly smaller than once across the street at 33 State. So, what we’re seeking to do is to address kind of the ongoing housing crunch by adding as many units as we possibly can in a historically appropriate way,” said Davidson.

They paid $975,000 for 27 Exchange Street with plans with further investment in renovations to add apartment units.

“So, there’ll be commercial space on the ground floor and and 20 apartments above,” said Davidson.

Renovating means that the majority of current tenants have been given notice they have until the end of July to move out.

”Our first priority is making sure the tenants addressed and taking care of and everyone’s giving them 60 days to relocate,” said Davison.

I spoke with a tenant at 27 Exchange Street and while they didn’t want to go on camera, they did say that they were very sad to receive the news that they’d be having to leave and find something new. They said they didn’t think there’s anything else comparable in the area, calling this ‘an end of an era’ adding that they may look for space in Brewer.

“With the current tenants and the reality building, it’s a very important historic building. That’s the Exchange Building built over 100 years ago and and it’s been partially vacant for a long time now and parts of the building is in serious disrepair and part of our mission is to preserve and restore these historic buildings. So, that is what we will be doing here,” said Davidson. ”We feel it’s been underutilized, given it’s important history and legacy and architectural characteristics and our goal is to restore it and bring it back to its former glory.”

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