Historic Restoration of Fidelity Trust Building to Deliver Independent Hotel and Re-Energize Monument Square
PORTLAND, Maine, September 26, 2024 (Newswire.com) - Local developers plan to transform the former Fidelity Trust Building at 465 Congress Street into a historic hotel that captures the beauty and detail of its 1910 architecture. Fathom Companies, in partnership with SwingPoint Development, will lead the historic Portland landmark’s restoration, which will match the style and level of historic preservation of the award-winning Press Hotel, which it developed and operates.
“When we restore historic buildings, we revitalize neighborhoods and promote local businesses while protecting our environment,” said Jim Brady, president of Fathom Companies. “Our adaptive re-use from office to hotel will transform this historic landmark in a manner that reflects the culture of Portland’s downtown at the turn of the century. In addition to creating high-quality jobs, the Maine-owned and operated hotel will become a destination that attracts both locals and visitors, bringing revenue and energy to Portland’s historic Main Street.”
The former office building will become an upscale boutique hotel with a full-service restaurant, a historic speakeasy bar and approximately 92 rooms and suites on nine floors. It sits across the street from the Time and Temperature building. While the Fidelity Trust Building is currently vacant, it recently housed offices and a retail bank, and the structure is in very good condition. This allows for the full restoration of many historic features, including:
- The original bank lobby.
- The basement vault with its original doors, which will be home to the speakeasy bar.
- A beautiful internal central staircase bathed in natural light from a restored skylight.
Kevin Kraft, Portland’s director of planning and urban development, commented on the proposal. “Fathom Companies is recognized for its successful historic adaptive reuse projects, particularly the transformation of the Portland Press Herald building into the Press Hotel. Fathom’s plans for a new hotel at 465 Congress will breathe new life into a long-vacant historic building at one of Portland's most prominent intersections, offering visitors opportunities to explore our exceptional businesses, restaurants, and cultural landmarks. This development has the opportunity to strengthen the vibrancy of Monument Square and Congress Street, enhancing key cultural institutions such as the Portland Museum of Art, the Maine Historical Society, the Wadsworth-Longfellow House, and the Maine College of Art and Design. Alongside the substantial residential development that is occurring in downtown and nearby areas, this hotel will bolster Portland's economy and significantly contribute to the street life and 24/7 energy of the city’s downtown, reinforcing its role as a vital hub for the City, Region, and State.”
The building opened in 1910 as Maine’s first skyscraper. The architect was G. Henri Desmond, who also designed the Portland Press Herald building (now the Press Hotel) and Portland High School, among other recognizable buildings in the area. In the late 1990s-early 2000s, the Libra Foundation brought the building back to life and created the adjacent Portland Public Market. As a Portland historic landmark and part of the Congress Street Historic District, federal and state historic tax credits will help support the building’s preservation. Fathom Companies anticipates a mid-2026 reopening as a hotel.
About Fathom Companies
Fathom Companies is a Portland, Maine-owned real estate development and hospitality management firm recognized for award-winning historic preservation. Jim Brady founded the firm in 2017 after receiving the 2015 Maine Preservation Honor Award for the Press Hotel, a historic adaptive reuse of the former Portland Press Herald building that created Portland’s first boutique hotel. Recognition ascended to the national level in 2020 with the American Institute of Architects Design Honor Award for Renovation & Adaptive for Reuse, also for the Press Hotel. Fathom employs approximately 250 associates across two divisions: hotel management and real estate, which includes investment, development, ground-up construction, historic renovations, and repositioning of hotel, office, residential, and mixed-use properties. To learn more about Fathom Companies, visit www.fathomcompanies.com and follow us on Facebook, LinkedIn, and Instagram.
Source: Fathom Companies
