May 9, 2013
Commercial Properties gets housing project OK
Portland-based Commercial Properties Inc. has secured approval from the Topsham Planning Board for the first phase of a 47-home development.
That phase includes construction of 12 homes that Dan Catlin, vice president of CPI, said will sell for between $270,000 and $300,000. The development, called Mallett Woods, is located on 26 acres of Mallett Drive, near the Topsham Fair Mall.
Catlin said the development is the only recent residential project CPI has pursued, which he sees as a sign of a recovering market.
He said the sale of nearly 700 former Navy homes by developer George Schott has not flooded the area's housing market, as many developers feared. Schott's single-family homes are selling in the range of $140,000 to $155,000.
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