Boston-based development firm The Federated Cos. has announced plans for a new seven-tower housing and retail complex in Portland's Bayside neighborhood.
The city entered into a purchase and sale agreement with the firm 14 months ago, with plans to redevelop the neighborhood's former rail- and scrapyard bordering Trader Joe's, Whole Foods Market and Planet Fitness, according to the Bangor Daily News.
Federated Cos. has now emerged with a proposal that includes seven individual towers between 120 and 160 feet, comprising 90,000 square feet of retail space and some 600 residential units.
The city's Housing and Community Development Committee will review the plans tonight at its meeting. For the project to go forward, developers need waivers from the city allowing the development to build above the maximum height of 105 to 125 feet, according to the paper.
The first, $38 million phase of the project would consist of two towers of 10 and 12 stories surrounding a 700-space parking garage. Located on the eastern side of Chestnut Street, Phase I would be completed within three years, according to the BDN.
The second phase, located on the western side of Chestnut Street, would tentatively include another 45,000 to 50,000 in retail space and about 450 residential units spread across five buildings, although no timetable or cost estimate has yet been provided.
If approved by the city, the project would receive $9 million in federal Department of Housing and Urban Development grant funding earmarked for parking expansion.