Answer extracted from the The Boulos Beat: A Commercial Real Estate Podcast podcast — listen to the full episode below.
What are examples of successful adaptive reuse projects that balance historic preservation with modern development in Portland?
Portland has proven that historic tax credits and smart adaptive reuse can transform vacant bank buildings and residential properties into thriving modern spaces without sacrificing their character. The Monument Hotel and Safford House stand as tangible examples of this balance, each preserving original architectural details while meeting contemporary needs.
From Bank to Boutique Hotel: The Monument Hotel Story
Developer Jim Brady took on the challenge of converting a former bank building into the Monument Hotel, a project that demonstrates how historic tax credits unlock financial feasibility for preservation work. The restored structure retains striking original features—marble walls and intact structural elements—while incorporating modern hotel operations and guest amenities seamlessly into the preserved framework.
This approach is not incidental to the success; as Julie Gondzar explains in the episode, the combination of preserved historic elements with necessary modern updates shows developers that preservation and profitability are not opposing forces. Tax incentives make the numbers work without requiring the demolition that dominated Portland's urban renewal era in the 1960s and 70s.
Office Space with Character: The Safford House Transformation
At 93 High Street, the Safford House underwent a parallel transformation under the ownership of Woodhull, a company that chose modernization over demolition. The building was converted into office space while preserving original woodworking and built-in cabinetry that define the interior character. The project earned recognition through preservation awards, validating the market demand for office environments with authentic historic charm.
The preservation of these functional details—not merely facade restoration, but the retention of the actual craftsmanship and materials that made the building valuable originally—sets this project apart. A point detailed in this podcast episode is that tenants and users actively prefer spaces with this kind of authentic history, making preservation economically rational alongside being culturally important.
"Success ultimately comes from collaboration. I believe that if you want a good result at the end of the day, collaboration is key."
Julie Gondzar — Director of Development, Greater Portland Landmarks. Julie joined Greater Portland Landmarks in January 2025 after relocating from Wyoming, bringing extensive experience in both public and private sectors alongside a master's degree from Plymouth State University. Originally from New England, she spent formative years in Scarborough and Portland before cofounding the award-winning Snowy Elk Coffee Company in Cheyenne, where she led sales, marketing, and business development before transitioning to nonprofit historic preservation in her native region.
These two projects illustrate a critical shift in Portland's approach to development: rather than viewing historic buildings as obstacles to progress, forward-thinking developers and organizations now see them as assets that anchor neighborhoods and attract investment, as detailed throughout the broader conversation on Greater Portland Landmarks' mission.
See also
What misconceptions do developers hold about the barriers to historic preservation projects?
One of the biggest misconceptions is that there are heavy barriers that cannot be passed. Preservation should not be as scary as many developers initially think when they begin to explore adaptive reuse opportunities.
How does historic preservation contribute to a city's economic development and quality of life?
Preservation brings in people, keeps the economy strong, and attracts businesses and residents. People want to visit and live in Portland because of its historic character, vibrant streets, and the sense of community that comes from maintaining authentic neighborhoods.
What is the role and public access situation of the Portland Observatory on Munjoy Hill?
Greater Portland Landmarks is the steward of the Portland Observatory, which is owned by the City of Portland. The observatory is open May through October, serving thousands of visitors every year and offering a unique vantage point over the city's harbor and historic architecture.