BRUNSWICK — Construction on a 108-unit apartment complex at Brunswick Landing could start as early as August now that the town has approved the project.
Loni Graiver of Graiver Homes said Friday that rents for the one- and two-bedroom units are expected to run between $1,300 and $1,550. He declined to comment on the cost of the project.
The project will feature nine three-story apartment buildings at 9 and 10 Captains Way, a cul-de-sac off Admiral Fitch Drive. Shipyard Ventures plans to sell the Captains Way lots – 5.68 acres in total – to Graiver Homes, which will build the apartments, The Forecaster reports.
The Brunswick Planning Board approved the Brunswick Landing apartment complex last week. Graiver said he hopes to start the infrastructure work as early as mid-August so the first units will be ready by early February 2021. The project includes a community center with a gym and meeting area. The property will include a dog park.
According to the Maine State Housing Authority, the median two-bedroom rental in the Brunswick Micropolitan Housing Market is $1,011 per month. The income needed to afford the median two-bedroom rental is $40,423. Housing authority data show 50.3% of the 7,710 renter households in the Brunswick market can’t afford an average two-bedroom rental.
The median family income for a family of four in Brunswick is $78,100, according to the U.S. Department of Housing and Urban Development’s Office of Policy Development and Research. According to the agency, fair market rent in Brunswick for an efficiency apartment is $776, a one-bedroom unit is $815 and a two-bedroom unit is $1,051.
Graiver said a shortage of qualified tradesmen, which has been delaying construction projects across the state, and coronavirus has slowed things down further.
It’s been hard to predict the impact of the coronavirus pandemic on the housing market, he added. In the initial three to five months of the pandemic, he said he found no one was putting their home on the market. Within the past 40 days, more homes are going on the market, “but there is still a huge shortage,” Graiver said. “We do hope to bring a lot of new construction to Brunswick Landing at affordable prices.”
According to the Maine Association of Realtors, the state’s realtors sold 21.3% fewer homes in May compared to May 2019. June saw only 78 fewer homes sold than a year ago, a 4.3% decrease.
“As Maine navigates COVID-19, our real estate industry has adapted,” states Tom Cole, president of the Maine Association of Realtors and a managing broker of Better Homes and Gardens Real Estate The Masiello Group in Brunswick, in the association’s most recent housing report.
“The June statistics show improvement and indicate that sellers, buyers, and our industry partners are adjusting to Maine’s health and safety protocols and have growing confidence to transact real estate business,” Cole said.
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