Condo developer proposes six-story India Street development
The India Street neighborhood could be the home to a new six-story residential building, based on plans a local developer has submitted to Portland city officials.
Developer Chip Newell’s proposed $8 million Luminato Condominium would consist of 26 units of ownership condos ranging in price from one-bedroom units available in the $200,000 range to three-bedroom units available for around $400,000.
The condos would be built atop a basement parking garage located at 167 and 169 Newbury St.
The planned Newbury Street locations are currently home to two vacant three-story apartment buildings that will be demolished. Nearby, 42 Hampshire St., which is currently occupied would, remain.
According to The Portland Press Herald, Newell characterized the condominium units as market rate but hopes that the mortgage payments would be equal to the cost of a new apartment in the city.
“We think that what Portland needs is exciting housing for young professionals and that’s what we’re trying to create,” Newell said.
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