Thursday, April 24, 2014
By Randy Billings firstname.lastname@example.org
(Continued from page 1)
Developers are getting creative to find space for projects.
Portland-based Redfern Properties is proposing 29 townhouses in six separate buildings on Walnut Street. The energy-efficient units would be three or four stories, with rooftop decks and private garages. Twenty-four of the units would have their own private elevators.
Eleven of the units, priced at $540,000 to $700,000, are under contract, mostly to baby boomers, said Redfern Properties owner Jonathan Culley.
Condominiums are also being built by Avesta Housing, one of New England’s largest affordable-housing developers, at the former Adams School on Munjoy Hill. Although 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 at the corner of India and Hancock streets are under contract, and the project is not complete. Prices for single-bedroom condos start at $295,000, two-bedrooms start at $380,000 and three-bedrooms start at $585,000. The most expensive unit in Bay House sold for $825,000.
Phase II of the project – Seaport Lofts – was approved by the Portland Planning Board on Tuesday. That project calls for seven ground-floor townhouses and 32 single-story condominiums.
Levine, the planning director, said the trend in Portland is similar to trends in Boston and Cambridge, Mass., where the housing stock is becoming more diversified.
“In the last year, there has been a huge amount of interest in housing on the peninsula, and this is trailing a national trend toward urban living that I think we’re part of,” he said.
This story was updated at 9:10 a.m. on Thursday, Oct. 24 to correct the address where the meeting will be held.
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