Friday, March 7, 2014
By Randy Billings email@example.com
(Continued from page 1)
An architect rendering shows a proposed residential project on Sheridan Street that would be built on a 45-degree slope, requiring pier supports as tall as 14 feet.
Rendering by Archetype PA
Proposed housing projects are scattered around Munjoy Hill in Portland's East End.
Staff photo/Gabe Souza and staff graphic/Michael Fisher
Redfern Properties owner Jonathan Culley said last month that 11 of the units, priced at $540,000 to $700,000, are under contract, mostly to baby boomers.
Another condo project is being proposed at 118 Congress St. An existing business would be demolished and replaced by a four-story building with businesses on the first floor and 12 high-end units on the upper floors. The condos would range in size from 1,380 to 2,021 square feet.
OTHER NEW UNITS GOING QUICKLY
Avesta Housing, one of New England’s largest affordable-housing developers, is building condos at the former Adams School on Munjoy Hill. Although the units are intended to be affordable to middle-income families, a 997-square-foot, two-bedroom condo is listed for $235,000, and a 1,513-square-foot, three-bedroom condo sold for $295,000. Twelve of the 16 units have been sold, reserved or put under contract, according to Avesta’s website.
At the base of Munjoy Hill, new condominiums in the India Street neighborhood are being sold as fast as they’re being built.
At least 60 percent of the 86 condos in the Bay House development are under contract, and the project at the corner of India and Hancock streets isn’t even complete. Prices for single-bedroom condos start at $295,000, two-bedroom condos start at $380,000 and three-bedroom units start at $585,000. The most expensive unit in Bay House sold for $825,000.
Phase II of the project, Seaport Lofts, has been approved by the Planning Board. That project calls for seven ground-floor townhouses and 32 single-story condominiums.
Bass said he believes the rental market will remain strong for years to come.
“People are making money on rental units,” he said. “It will take quite a while for it to change.”
Randy Billings can be contacted at 791-6346 or at:
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An architect rendering shows new condominiums proposed for Lafayette Street.
Rendering by Random Orbit Inc.