A development has broken ground on Marshall Drive in Falmouth that will offer 48 two-bedroom condominiums at prices ranging from $378,000 to $425,000.
Each unit will be 1,110 square feet and will have a one-car garage.
The Scittery Woods development team is made up of Portland-based Boulos Co. broker John Finegan, Port City Architecture owner and principal architect Andrew Hyland and Mike Manning, founder of Windham-based MGM Builders.
The team won a competitive bid to build workforce housing for Falmouth and purchased the 25-acre parcel from the town for $500,000.
Financing from MaineHousing’s Affordable Home Ownership provided a $1.5 million loan with 0% interest, but stipulates that 20 of the units must be sold at $378,000 to eligible buyers — and the loan will be forgiven upon the sale of those townhomes.
Units will be offered to households making no more than 120% of the area median income. The 120% AMI deed restriction lasts for 15 years, so any units resold carry the same requirements for that period.
The other 28 units priced at $425,000 will have a five-year deed restriction, meaning that after that owners can then sell at market value.
“This is a huge benefit to the buyers as it allows them to participate in the home equity market,” Finegan said.
Construction news from around the state
GreenMars will build a 130-unit affordable condominium complex on outer Congress Street in Portland. — RENDERING / COURTESY GREENMARS
Portland developer GreenMars will build an affordable condominium project at 1877Congress St. in the city. Stroudwater Commons will consist of 130 homes and 26 attached accessory dwelling units that homeowners can purchase as rental units. All of the units will be modular-built to speed construction time and optimize energy efficiency. Half will be priced to accommodate buyers who earn between 80% and 100% of the area median income.
The first phase of the Residences at Bethel Station is underway and lead developer Tony Donovan said he expects 38 units to be ready for the 2026-27 ski season. The condominiums are being built on a 7.5-acre site at 23 Cross St., part of a 40-acre mixed-use development. The project team includes Coastal Construction Partners, of Stoughton, Mass.; DeStefano & Associates, of Portsmouth, N.H.; and THA Architects, of Stratham, N.H.
Developers Collaborative and Barrett Made Construction, both based in Portland, are renovating a former fire station in downtown Brunswick into a brewpub for Moderation Brewing, with five affordable studio apartments on the second floor, for tenants who earn 60% or less of the area median income. An outdoor beer garden is planned, and the basement of the building will house a community kitchen. The project is expected to be finished by the end of March.
