Joe Soley Property on Exchange Street Expected to be Sold in November

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Joe Soley, 83, A Major Property Owner in the Old Port. Wants to Sell  Some of his Exchange Street Holdings.

Joe Soley, 83, A Major Property Owner in the Old Port. Wants to Sell Some of his Exchange Street Holdings.

By Carol McCracken  (Post # 2,216 )

Apparently a handful of young businessmen and Joe Soley, 83, have come to an agreement because sources close to the situation say that his block of commercial/residential  property between 10 – 26 Exchange Street in Portland’s Old Port are going to a closing – this year – and possibly next month.  Joe Soley has been unavailable to confirm this information, but multiple sources have confirmed it.

The investors intend to gut the upstairs floors and then possibly convert them to upscale condominium units.  It’s  the intention of the investors to restore the property to its glory days long gone. The City, according to the same source, has lost patience with Joe Soley and his defiance of city fire codes and other ordinances and is giving him no slack when he flaunts them at every opportunity.

Joe Soley has long butted-heads with commercial and residential tenants in his buildings in the Old Port.  Years ago, tenants in one of his buildings were late in paying their rent.  Soley threw their furniture out the window onto Exchange Street.  The court awarded the plaintiffs in the case a multi-million dollar award.

Two former commercial tenants of Joe Soley said they were pleased to hear of this development because it will restore the area to a better place for shoppers in the area.

Soley is a former business associate of Vice President Spiro “Ted” Agnew, who served under President Richard Nixon.  Agnew was forced to resign because of his business practices.