GreenMars Real Estate out of Portland, Maine, has submitted its plans to renovate the city’s iconic Time and Temperature building, which currently stands vacant. The restoration plan will turn the building into a mixed-use property combining residential units with office, retail and hospitality space.

Originally constructed in 1924 in Portland’s downtown, the building is located at 477 Congress St. and was known as the Chapman Building. Since then, it has housed a bank; the state’s first arcade and modern shopping mall; as well as several office-using companies. Its better-known name comes from a display installed in the 1980s of the time and temperature that was visible from miles away, further enshrining the Time and Temperature Building as one of the city’s architectural icons. GreenMars’ renovation plan will pay respect to the property’s history, including its famed sign, while also providing the city with residential units and adding fresh office space to the Portland market.

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“An estimated 250,000 people look to the Time and Temp sign each day, yet the once-prized building beneath it sits vacant,” said GreenMars Real Estate’s Nate Green. “It needs a new life, but one that makes sense for Portland. We aim to restore this historic icon while establishing it as a ‘go-to’ destination where people shop, work, eat, live and appreciate the city. As people return to the building, the once-thriving neighborhood around it also gets a new life. We hope our submission is viewed as an innovative approach to ensuring the long-term viability of this historic landmark. Importantly, we want the people of Portland to know that the plan is also backed by two Maine people who have deep ties to the area and are committed to the building’s successful future.”

The revitalized building will bring a fresh supply of high-tier office space to the Portland market, in addition to retail space in an area with excellent foot traffic. Furthermore, the project will turn the 14-story property into a modern mixed-use property, complete with accessible public spaces and a large rooftop observation deck offering great views of the nearby Casco Bay and Mt. Washington.

Construction is scheduled to begin in 2024 on the Time and Temp Building’s 100th birthday.