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Two high-end condominium developments and a 327-unit apartment complex targeted to middle-income households are all now on hold. All were fully approved.
A luxury condo project planned for 64 Pine St. is not currently an affordable build, according to developer Tom Landry, who owns Portland-based Benchmark Real Estate.
Landry cited the city’s Inclusionary Zoning fee, which requires projects with 10 or more units to reserve 25% of those 10-plus units for lower-to-middle income households or pay a fee of $182,830 per unit to the city’s Housing Trust Fund.
Originally designed for nine units, developers explored bumping up to 12 to compensate for rising building costs. But the IZ fees would have added $548,490 to the budget, which Landry said made the project “a non-starter.”
Another paused project is Redfern Properties’ 327-unit apartment building planned for 165 Washington Ave. Jonathan Culley told Mainebiz that tariffs, interest rates and inclusionary zoning were driving costs too high.
A five-story mixed use building planned for 185 Commercial St. has also been sidelined, due to economic factors, concerns over crime and a slowing of the condo market on the peninsula.
“The changing environment of the downtown landscape relative to safety is a real concern. Buyers seem to be looking for alternatives to downtown,” said developer Steve Baumann.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Whether you’re a developer, financer, architect, or industry enthusiast, Groundbreaking Maine is crafted to be your go-to source for valuable insights in Maine’s real estate and construction community.
Coming June 2025
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