$25M condo development proposed for Portland, off the peninsula
Courtesy / Haley Ward, GenX Capital Partners LLC
A $25 million condominium development, seen here in a concept plan, is proposed on Hope Avenue in Portland.
A real estate investor based in Portland and Miami has a proposal in the works for a $25 million condominium development in Portland.
GenX Capital Partners closed earlier this month on the purchase of 0 Hope Ave., in the North Deering neighborhood, for $1.2 million. The firm is proposing to build 60 units, either as duplexes or triplexes.
“We’re wrapping the site plan and getting an idea of what the infrastructure costs will be,” Mark McClure, managing partner of GenX, told Mainebiz.
The property, bordering the Presumpscot River and West Falmouth, consists of about 14 acres. The $25 million cost estimates includes the land purchase plus infrastructure and construction expenses.
McClure expects the proposal to soon undergo the city approval process. The project hasn't yet appeared on the docket for review by the Portland Planning Board.
The goal is to have approvals in place by next February and to break ground in the spring, he added. Condo price points would likely be between $550,000 and the low $700,000s.
The location was selected partly because it's not far from downtown Portland and is close to shopping areas and the Maine Turnpike, McClure said. If approved, he noted, the project would be built to suit the surrounding woodlands.
GenX is one of the largest private lending and equity originators and investors in New England.
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That company also built some places in Brunswick a few years ago but I'm not sure if the project ever got off the ground. The McClure guy comes from Cape Elizabeth but not sure why they would want to build these unnecessary buildings.
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