$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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If you are concerned please attend the Portland planning board meeting via Zoom at 7pm upcoming dates are: July 12,
July 26, August 9, and September 13. Residences can share specific environmental concerns, discuss reducing the size of the project, and explain how this project will impact the community at large. Developments of this very kind have been reduced, but it takes concerns citizens to take action.
Time for at least a 1 yr moratorium on all housing except workforce/low income/affordable. And way better design standards... contemporary but no more shoeboxes w windows... family friendly outdoor space.
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