The Mark, as it will be known, is expected to be an $21.5 million investment. DeStefano & Associates, which is based in Portsmouth, N.H., is the general contractor, while Shinberg Consulting of Portland is the project manager.
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Developer Mark McClure, a Cape Elizabeth native and managing partner of Miami-based GenX Capital Partners, was on hand for a groundbreaking at a 45-unit condominium building in Cumberland Foreside.
The Mark, as it will be known, is expected to be an $21.5 million investment. It is at 100 U.S. Route 1, on a wooded stretch just south of Tuttle Road.
The day of the groundbreaking, logging crews had cleared a big swath of trees. After the ceremonial shovel shot, McClure told Mainebiz he expects the project to take 15 months.
DeStefano & Associates, which is based in Portsmouth, N.H., and does work in Maine, New Hampshire and Massachusetts, is the general contractor. Shinberg Consulting of Portland is the project manager. Chase EX of Falmouth handled excavation.
Units are expected to sell for $450,000 to $750,000. McClure said he’s already gotten interest from three groups of potential buyers: Empty nesters who are in the ZIP code and want to downsize; people looking to flee Boston, New York City and other cities; and investors. The last group may be the most interesting.
McClure said investors have indicated they could make a profit by buying the condos and renting them out. With rents skyrocketing and the Portland area having a shortage of housing estimated to be 9,000 units, it’s not surprising to see interest there.
Tom Landry of Benchmark Real Estate is handling sales.
Updates on projects around Maine
Landry/French Construction of Scarborough held a topping off ceremony for a 263-unit apartment building at 201 Federal St. in Portland. The building, at 190 feet tall, will be the highest in Maine. It will be 18 stories.The developer is Jonathan Culley of Fedfern Properties. Ryan Senatore Architects handled design.
Sheridan Construction, which is based in nearby Fairfield, and Farmington-based E.L. Vining & Son managed construction of the 18,000-square-foot Sukeforth Family Sports Center at Thomas College. The designer was Portland-based SMRT Architects.
ADUs to the rescue
A $250,000 grant from the Maine State Housing Authority will help Auburn homeowners add at least 15 accessory dwelling units to city properties. The units, which can be no larger than 800 square feet, will be offered at affordable rates to low-to-moderate income residents. The program was proposed by Mayor Jason Levesque as a way to provide monetary incentives to qualified residents for up to 15% of actual construction costs, with a maximum of $30,000 per new unit constructed. The funding will be matched with $225,000 in federal American Rescue Plan Act funds to add to the comprehensive efforts to increase affordable housing units in Auburn.