Photo / Renee Cordes
Gene Ardito shows off the Portland waterfront view from the rooftop deck at 50 India St.
March 27, 2019
cPort Credit Union lists $2M condo in Portland's East End
Photo / Renee Cordes
Gene Ardito, cPort Credit Union's president and CEO, and Elise Kiely, listing agent with Legacy Properties, stand inside a $2 million luxury condominium on the top two floors of its newest branch, located in Portland's East End.
Portland’s cPort Credit Union is selling a $2 million luxury condominium on the top two floors of its newest branch, located in Portland’s East End.
The 2,570-square-foot residence, listed this week by Legacy Properties Sotheby’s International Realty, is in one of the city’s hottest development areas with a view of the waterfront and Tilson’s corporate headquarters.
Though cPort owns all its branches, converting part of its new Middle Street location into a residential property was a first — but an ideal way to make the most of the two floors it couldn’t use for office space without a required second stairwell.
“We’re maximizing the value of this property,” Gene Ardito, cPort’s president and CEO, told Mainebiz during a building walk-through from the ground-floor bank office to the condo’s private rooftop deck, furnished with its own fire pit.
While cPort could have listed the condo even before construction, Ardito said it held back until completion because “we felt this was the kind of space you had to see.”
cPort bought the land in 2015 before today’s building boom that has attracted newcomers such as WEX, which built its global headquarters nearby.
“We love the fact they’re here,” Ardito said.
'Like a single-family home'
Elise Kiely and Sandra Wendland of Legacy Properties are the listing agents for the condo, which was designed by Karen Gallagher, an alumna of Maine College of Art and owner of Karen Gallagher Interiors in Portland.
“It’s almost like a single-family home,” Kiely said of the 2,520-square-foot property, which includes quartz kitchen countertops, an interior bar area that leads to the outdoor rooftop terrace and Sonos smart-home technology to control everything from lighting to music.
As she was preparing for a first showing on Monday afternoon, she highlighted various “statement features” including wallpaper and light fixtures she thinks will appeal to a “very sophisticated buyer.”
“There may be local interest, but also from out of state as well,” she said, noting that the space and features are more typical of Boston or New York than Portland.
The condo, whose address is 50 India St., has its own entrance and elevator, and Kiely noted that while there’s no yard, it offers walkable neighborhood and waterfront access.
The listing comes amid a tight supply that's putting pressure on housing costs citywide.
Whoever buys the condo will co-own the building with cPort and have lots of privacy as the sole resident in a secure building surrounded by cameras, according to Ardito,
He said that while cPort could not have predicted today’s building boom when it invested in the corner lot, the plan was to open a branch in an urban neighborhood rather than the crowded Monument Square area.
“We had a strategic vision in terms of not going where everyone else was,” he said, adding that he knows of no development plan that would impede today’s water view.
People and technology
As for the credit union part of the building, the ground-floor space is bright and cheerful with four teller stations and an Apple-inspired “technology bar” equipped with iPads.
The edifice, built by Landry/French Construction with Blais Civil Engineers and designed by Gawron Turgeon Architects, features floor-to-ceiling windows that let in lots of natural light, and a 1923 photo of an Italian bank, Banco di Napoli, that stood on the corner lot at the time.
“What are the odds of that happening?” said Ardito, who is of Italian descent and has made it a priority to develop a diverse workforce and member base at cPort.
He said that the new branch, managed by Jacky Murphy, has already brought in new members even though it’s not yet begun its marketing. He sees that momentum continuing as neighbors including WEX, Covetrus and Tilson lure young talent.
“We’re interested in the folks that live and work in this area,” he said.
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