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.
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