The lumber company had spent 162 years on Portland's waterfront but the changing landscape in the Old Port made a deal too good to pass up. 

It is undeniable that the City of Portland has seem some major changes over the last decade. A restaurant renaissance, a hotel bloom and flocks of tourists have taken the city to new heights. But as the city looks to grow and expand, one question continues to be prevalent, is there enough room for the "working waterfront"? Those who say yes can't be excited about yesterday's news.

According to the Portland Press Herald, Rufus Deering Lumber Company was sold to Reger Dasco Properties, a company that builds high-end condominiums across New York and New England, including right here in Portland. While no announcement was made to suggest the company plans to turn the prime location into condos, it's safe to assume that's the basis of their purchase.

Some will call the sale another sign of progress, while others will feel as though the city is losing another unofficial landmark. Rufus Deering was one of the oldest companies in Portland, spending 162 years operating successfully within city limits. For people driving into Portland via Commercial St, Rufus Deering has been a recognizable landmark, and likely will be missed.

Despite the sale, most of the Rufus Deering employees won't be left without work. Another Portland company, Eldredge Lumber & Hardware plans to employ three-quarters of the Rufus Deering employees while also purchasing some equipment from the now defunct company in hopes of better serving customers. Rufus Deering Lumber Company will officially close on November 30th.