YARMOUTH — Patriot Insurance Co. has opened its new headquarters on U.S. Route 1.
The $13 million building was erected by Landry/French Construction of Scarborough at the former site of Down-East Hotel and Village.
Patriot provides business, homeowners, life, and automobile insurance to customers throughout Maine, New Hampshire and Vermont.
Patriot Insurance CEO Lincoln Merrill said Yarmouth is an ideal location for the company.
“Yarmouth has very good transportation access with both the interstate and U.S. Route 1 so our employees can get to work easily,” Merrill said in a press release. “The infrastructure of the community is very good with utilities, fire and police protection, and a positive attitude in the town office.”
Of the 34,500-square-foot space, 25,000 square feet will be occupied by Patriot Insurance’s offices, training areas, and employee gym. The remaining 9,500 square feet is split into three units of commercial office space that will be leased.
A 1,800-square-foot conference room, kitchen, and restroom will be available for community use.
For the past decade, the company has been leasing space from Tyler Technologies, a software developer on Tyler Drive. By building its own headquarters, Patriot is expecting to grow their staff from 70 to up to 100 employees over the next five to 10 years.
Walkways are being constructed near the facility to accommodate cyclist and pedestrian traffic. A new sidewalk built along Route 1 will be connected to Forest Falls Drive by a new crosswalk.
In a press release, Chairwoman Pat Thompson said the Town Council is delighted that Patriot “achieved their vision” for a headquarters in Yarmouth.
“Our businesses, both small and large, have for generations contributed to our town’s vibrancy and character,” she said. “Patriot’s commitment to our town helps preserve and enhance our community, creating a quality of life that is unsurpassed for both our residents and our businesses.”
Peter Haynes, chairman of Yarmouth’s Economic Development Advisory Board, added that business expansions like Patriot’s bring job opportunity to the community and reduces the tax burden on residents by diversifying the town’s tax base.
“Smaller businesses also benefit from the increased demand for goods and services that flows from larger numbers of employees working in the town,” he continued. “We congratulate Patriot on their expansion, and wish them every success as they continue to grow in Yarmouth.”
Patriot’s headquarters is the latest in a series of recent business expansions in town, including Five County Credit Union, which opened in August; Cumberland County Federal Credit Union, which broke ground last month, and Tyler Technologies, slated to open early next year.
Patriot Insurance Co. opened its 34,500-square-foot headquarters on U.S. Route 1 in Yarmouth last week.