Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

December 28, 2015

Munjoy Hill condos will be aimed at middle-income buyers

The city of Portland is working with a developer to build an eight-unit condominium building on Munjoy Hill priced far below market rate for the neighborhood.

The Portland Press Herald reported that the three-story building planned for 65 Munjoy St. will include two three-bedroom units, two two-bedroom units and four one-bedroom units. While condos on Munjoy have sold for more than $600,000, the units of planned condo building will be priced between $235,000 and $300,000, the developer, Peter Bass, told the Press Herald.

The units will be restricted to people who earn between 100% and 120% of the median income, roughly between $52,000 and $62,000 for a single person in Portland and between $73,900 and about $88,700 for a family of four, according to the Press Herald.

Construction for the project slated for a city-owned parking lot on the former Adams School property could begin in the spring.

Read more

Portland officials greenlight $20M hotel and condo project

Sign up for Enews

Mainebiz web partners

Comments

No More articles left

To read more, please
Login or Register (free)

 

To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy

Allow Cookies