Chris Rhoades and Andrew Preston say they'll decide how to use the downtown building's mostly vacant office tower and submit their restoration plans to the city by February.
The developers have delayed starting a project to convert the building into a hotel – and are now considering if that's the best course given challenging economic conditions.
The conversion of Portland s iconic Time & Temperature Building to a hotel would, if approved, be overseen by a hotel developer with a track record.
Fathom Cos., which is about to open the Canopy By Hilton hotel in the Old Port and converted the old Portland Press Herald building into the Press Hotel, would lead the renovations, if approved by the city. Fathom, led by Jim Brady, had not been associated with the project until now. The story was first reported by the Portland Press Herald.
Fathom’s proposal calls for converting the office building into a 186-room hotel, with banquet rooms, a restaurant, retail and a rooftop bar.