An artist’s rendering of an apartment building planned for Thompson’s Point in Portland. Rendering by EMBARC, Inc.

Developers are planning a “vibrant and transformative” residential development of more than 250 apartments for Portland’s Thompson’s Point.

The six-story building is the next stage of redevelopment for what was once a mostly vacant train yard and collection of deteriorating warehouses but has since become a popular riverside destination for music, theater and events. 

The Portland Planning Board will discuss the project during a workshop Tuesday but is not expected to take any action. 

“We’ve planned for residential uses at Thompson’s Point since our master plan approvals over a decade ago, so it’s something that’s been a long time coming,” said Chris Thompson, who, along with Jed Troubh, is overseeing the area’s redevelopment efforts. “We are excited to finally see this coming to fruition — having apartments here and year-round residents will be an incredible addition to the neighborhood we and our tenants have been creating together for many years.”

The building, at 125 Thompson’s Point Road, will include fitness facilities, a pool and outdoor space overlooking the Fore River. It will also feature an attached 463-car garage that while primarily for tenants, will also be accessible “for other Thompson’s Point campus uses,” Thompson said.

A 148-room Residence Inn & Moxy Hotel by Marriott is also in the works and is expected to open in 2026.

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The residential project is exempt from the city’s inclusionary zoning ordinance, which requires 25% of units be priced as either “workforce” or “affordable” housing. Alternatively, developers can pay a fee-in-lieu, about $177,000 per unit, to the city’s affordable housing trust.

The proposed development is part of a larger Thompson’s Point master development plan approved in 2012, meaning that whatever regulations were in place 13 years ago remain in place for the duration of the project, as long as the approval remains valid and the construction is ongoing, said Kevin Kraft, Portland’s planning director.

Inclusionary zoning was not adopted until 2015.

“As a result, the 255 residential units are proposed as much-needed market-rate housing,” Kraft said. The 255 apartments will be mostly one- and two-bedrooms but there will be about 50 studio apartments. Pricing has not yet been established.

The development is the final project with approvals predating the inclusionary zoning requirements, Kraft said.

The site of a proposed 225-unit housing development at Thompson’s Point in Portland. Derek Davis/Portland Press Herald

While it may be the last project approved under old regulations, it’s also the first new residential project to come before the planning board in 2025.

The board on Tuesday will also host a public hearing on a controversial project at 197 Oxford St. – a 96-unit, mixed-income project that would create specialized housing for chronically homeless people and include affordable and market-rate apartments. The project was proposed last year.

Last year was a comparatively slow year for housing development in the city, with just 446 new units approved. In 2023, the city approved 1,305 units. Of the 446, 268 were considered affordable and 178 were market-rate — a deviation from the usual pattern of developers favoring market-rate apartments.

While 2024 was slower on the approvals side, it was the second-strongest year for completed projects since at least 2010, with 568 units (399 market rate and 169 affordable) coming online. Only 2023 saw more completed units, with 579 hitting the market.

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