Two Historic Buildings In Portland Face New Life With Redevelopment

Two buildings in downtown Portland, Maine, that sit right across from each other, with Preble Street running between the two, have been around for over 100 years. What's the history here, and why are they looking vacant and rundown?

Time & Temperature Building (Chapman Building)

The Chapman Building at 477 Congress Street is one of Portland’s most famous architectural landmarks.

According to Portland Old Port, the building was completed in 1924 and stood as a 12-story office and commercial building in the heart of downtown. When built, it even featured Maine’s first indoor shopping arcade (not a video arcade) on its ground floor, marking an ambitious transition for Portland’s urban core. 

In 1964, the building’s owners added two additional floors and installed the now-famous Time & Temperature sign on the roof, a large electronic display that shows the time and the temperature while also occasionally showing messages on the sign that often have to be compressed to just four characters. It’s sometimes a little like trying to solve the puzzle on Wheel of Fortune. 

Renovations in the 1990s modernized portions of the building, and it hosted a variety of tenants over the years. However, by the 2010s, occupancy declined due to deferred maintenance, leading to a foreclosure and a series of ownership changes. 

Today, the Time & Temperature Building sits mostly vacant but remains a cultural icon of Portland’s skyline. Developers and preservationists have proposed mixed-use redevelopment plans in recent years, including restaurants, retail space, residential units, public observation areas, and even hospitality components. These proposals aim to blend historic preservation with 21st-century urban needs, though specifics continue to evolve and require approvals from planning and historic preservation authorities. 

Fidelity Trust Building

The Fidelity Trust Building, located at 465 Congress Street, stands across Preble Street from the former Chapman Building and has been a cornerstone of Portland’s urban landscape for over a century. 

According to Wikipedia, the 10-story building opened in 1910 and was Maine’s first skyscraper, dramatically altering Portland’s skyline. Its ornate façade and elegant interior made it a prominent location for banking, offices, and commerce throughout much of the 20th century. 

For decades, the building housed financial institutions, including Maine Bank and Trust, People’s United Bank.  As Portland’s downtown evolved, the building became not only an architectural landmark but also a symbol of the city’s economic history. 

In the 2020s, the Fidelity Trust Building entered a new chapter as developers eyed adaptive reuse to reinvigorate the property. Local firm Fathom Companies announced plans to convert the building into an upscale boutique hotel with 90-plus rooms, a full-service restaurant, and a speakeasy in the original bank vault. The restoration promises to preserve many historic features, such as the original bank lobby and central staircase, while breathing new life into the long-vacant upper floors. 

Targeted for a mid-2026 reopening, this transformation aims to enhance downtown’s vitality, drawing visitors and locals alike to Monument Square’s cultural and commercial offerings.