Fred Field
The Mark, with 45 condo units planned, is under construction in Cumberland Foreside.
Updated: November 10, 2022
Developer Mark McClure turns to ‘build to rent’ concept for a Portland townhouse development
Courtesy / GenX Capital Partners
Presumpscot Woods is expected to have 60 townhome rental units, including 15 offered as affordable housing.
Developer Mark McClure recently broke ground on an $21.5 million, 45-unit condo project in Cumberland Foreside.
The Mark, as it will be known, is expected to offer units in the $450,000 to $750,000 range and will be available in 15 months.
DeStefano & Associates Inc., which is based in Portsmouth, N.H., and does extensive work in Maine, is the general contractor. Portland-based Shinberg Consulting is the project manager. Mark Mueller Architects handled design. Tom Landry of Benchmark is handling sales. McClure also cited the work of his wife, Paula Wallem, who is instrumental in the design process, and his Miami-based partner and investor, Jeff Pollock.
McClure says he’s already hearing from three groups of potential buyers: Empty nesters in the same ZIP Code; people continuing to flee big cities like New York, Boston and the District of Columbia; and investors, who hope to rent out units at a profit.
Presumpscot Woods
Now McClure, who is managing partner of GenX Capital Partners LLC, has something a bit different in mind for Portland’s North Deering neighborhood.
Presumpscot Woods, which is going through the city approval process, is expected to be a 60-unit townhome development on Hope Avenue near the Presumpscot River Preserve. Fifteen units will be offered as affordable housing.
McClure says the townhouses will be offered on a “build to rent” basis, allowing them to be built on demand.
Key contractors on the Presumpscot Woods project are Shinberg Consulting and Bangor-based Haley Ward Inc. Ron Goddard, a Bangor native who now lives in Yarmouth, is the on-the-ground partner for McClure, a Cape Elizabeth native who divides his time between Miami and Maine.
The cost of Presumpscot Woods is expected to be $28 million.
‘Build to rent’
The “build to rent” concept is taking off around the nation, as regions grapple with housing shortages.
Photo / Fred Field
Developer Mark McClure of GenX Capital Partners is launching Chill Villas to offer luxury short-term rentals.
“It’s a proven concept that has taken hold in Texas, Florida and Georgia, to name a few, and has been greatly successful. It allows families the opportunity to rent a home rather than trying to make do in an apartment community, giving them the amenities of a yard and neighborhood, while they may be saving up for a home of their own,” McClure told Mainebiz.
The Portland area is said to need 9,000 housing units, while Maine has a deficit of roughly 20,000 housing units.
“With a massive housing shortage in Southern Maine and the desire for a lot of families and young couples searching for homes rather than apartment life, this will be a great, affordable alternative that won't break the bank while giving the space and comfort they expect from home living,” he added.
Units designated as affordable housing will be 1,478 square feet, while market-rate units will be 1,700 square feet. Each apartment will have three bedrooms and 2.5 bathrooms.
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