Real Estate

Plum Creek - When Plum Creek, the largest private landowner in the U.S., unveiled its plan to develop 420,000 acres in the pristine woods of Northern Maine, they turned to us to move the immense project forward. The largest land development project in Maine quickly became the most controversial. Our first challenge was to find the delicate balance between development and environmental conservation. In a grueling process that lasted 3½ years, our attorneys maneuvered through supporters and opponents who tried to tip that balance in one direction or the other, with contentiousness and media attention at every turn.

Using our knowledge of the state's Land Use Regulation Commission (LURC) and our insight into the views of all parties involved, we created a multi-faceted approach to overcome numerous hurdles.

A historic undertaking

Plum Creek's vision required LURC approval to rezone the entire acreage. Before submitting this ambitious plan to LURC, we carefully researched and drafted a Concept Plan that asked approval to rezone the land, allowing Plum Creek to develop 16,000 acres around two lakes, but setting aside 392,000 acres to be permanently preserved as sustainable forest.

When the media first published the Plan's details, public controversy quickly centered around the proposed development of 975 house lots and two resorts. Intense opposition from several environmental groups raised the level of contention, making for a long, occasionally rancorous process. Four weeks of public hearings. 177 witnesses. 18 interveners. All of it conducted in the full glare of media coverage.

Long-term benefits

After years of research and fine tuning, our diligence came full circle when LURC approved the Concept Plan. Hundreds of thousands of acres were to be permanently opened to traditional recreation. 150 miles of trails were to be created, and permanent protection was guaranteed to 213 miles of shoreline, 70 pristine ponds, and huge blocks of wildlife habitat.

Our Real Estate, Land Use and Environmental attorneys were directly involved in every aspect of the plan, an undertaking both highly technical and extremely sensitive. We worked side-by-side with Plum Creek through all negotiations—with every party, at every hearing, through each plan revision—ultimately winning over every member of LURC.

A delicate balance

The approved Concept Plan contained benefits both immediate and long-term: employment, housing, sustainable forestry, wildlife habitat, and a natural wonderland that Maine can enjoy forever.

Development of Broadcast Towers - Preti Flaherty represented the developer of two 1,000+-foot broadcast towers in Florida, including all aspects of real estate acquisition, construction, electronics procurement and long-term leasing and also handled negotiation and documentation of the subsequent disposition of the properties.

Leasing Experience - Preti Flaherty has handled office leasing, facility leasing and construction contracting for major defense contractors in Maine, Connecticut, the District of Columbia and Alabama.

Franklin Memorial Hospital - Preti Flaherty worked with Franklin Memorial Hospital to secure needed approvals to permit transfer of $16 million in investment funds from the hospital to its parent, the Franklin Community Health Network, a national award winner for its community health programs.   Approvals were secured from the Maine Attorney General and a Franklin County Superior Court Justice. This change will provide the Hospital and its parent with greater flexibility to fulfill community needs.

Harper's Development / SCI Sanmina Building - Preti Flaherty represented Harper's Development in the acquisition of, and debt and equity financing, for the SCI Sanmina building in Augusta, one of the largest manufacturing buildings in central Maine. The transaction effectively transforms a defunct manufacturing facility into an office park that will house a 300-employee call center and numerous government offices.

Hotel and Residential Condominium Project - Preti Flaherty represented a developer in a combined hotel and residential condominium project. We handled the purchase and sale agreement for the acquisition of the property, as well as a conditional rezoning. We represented the client before the city planning board and city council and secured a site plan and subdivision approval. We also assisted the client with a Voluntary Response Action Plan (VRAP), protecting the client from any future environmental liability claims.

Katahdin Forest Management, LLC - We represented Brascan Corporation's affiliate, Katahdin Forest Management LLC, as borrower in one of the first transactions in the country to use the New Market Tax Credit – a financing program designed to stimulate economic growth in targeted lower-income communities. Our attorneys assisted Katahdin's finance and woodland management officials in negotiating the legal documents that were integral to refinancing a mortgage on Katahdin's timberlands held by the Nature Conservancy and achieving favorable mortgage rates through the credit mechanism. Preti Flaherty also worked with Katahdin's woodland management officials in renegotiating a related conservation easement with the Nature Conservancy. The arrangement successfully married the interests of business, community and conservation.

New Page - Our Real Estate Group represented New Page, the owner in the sale of the hydroelectric assets of the Rumford Falls Power Co. in Rumford, Maine, an affiliate of Brookfield, formerly known as Brascan, at a purchase price in excess of $100 million. The electrical generating facility and adjacent paper mill had been operated as an integrated operation, requiring intricate real estate structuring, including shared water rights and cross-easements. The matter also involved complex contractual arrangements for the sharing of key infrastructure components during a post-sale transition period.

First Park - To attract businesses to central Maine, we coordinated 24 municipalities who joined together to build a state-of-the-art office park. FirstPark, Northern New England's first "Smart Park," is a technologically exceptional facility and a growing hub for business operations. From acquisitions and protective covenants to easements and land use issues, we coordinated and finalized the 285-acre deal.

Plum Creek - For Plum Creek, the nation's largest private landowner, our firm led a team that petitioned Maine's Land Use Regulation Commission (LURC) to rezone nearly 420,000 acres of land in Northern Maine. After proceedings lasting three and a half years, Plum Creek's petition to rezone was unanimously approved by LURC. The Concept Plan is the largest development plan in Maine history and the effort was by far the most complex and contentious regulatory proceeding in Maine history. The rezoning authorizes Plum Creek to develop approximately 16,000 acres for 975 house lots and land for two resorts on Moosehead Lake. The Plan sets aside conservation easements of 392,000 acres to be permanently preserved as sustainable forestry and establishes a significant affordable housing program.

Low-Income Housing Tax Credit Work - By utilizing low-income housing tax credits, we have successfully completed projects for clients such as Leach Home Partners Ltd., CHOM Housing Ltd. Partnership, 7 Coliseum Avenue Association, L.P., Portsmouth Senior Housing Association, and many more.