Housing developer raises cash in advance of vote
Developers of a “progressive” 29-condo development on Portland’s Munjoy Hill have raised around $1.4 million for the project in an equity offering.
Jonathan Culley, owner of Redfern Properties and Redfern Munjoy LLC, said the company’s $1.6 million equity offering was 90% subscribed on Monday, one day before the Munjoy Heights project will go before the city’s planning board for approval.
By a Dec. 11 filing with the U.S. Securities and Exchange Commission, the project had raised $800,000, or half of its total offering. Culley said prospective buyers have claimed reservations on 16 of the project’s 29 units.
The Portland Press Herald reported the project would incorporate a Dutch design concept called a “woonerf,” in which pedestrians, cyclists and motorists have the same right-of-way to a plaza built with concrete pavers. The plan also calls for extensive landscaping, including the addition of around 70 trees and 700 shrubs.
Culley told Mainebiz that the project’s focus on energy efficiency and progressive design is “where there seems to be energy” for development in the city and that scarce land for new projects will sharpen that focus in the coming years.
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