🔒Downtown Portland complex adds 54 affordable senior apartments

Developers Collaborative has completed its latest affordable senior housing project at 25 Casco St. and has begun leasing 54 apartments in the downtown Portland building. Equality Commons, at 25 Casco St., is a five-story dwelling built on a former parking lot between Cumberland Avenue and Congress Street. Falmouth-based Penobscot General Contractors is the builder. Ryan Senatore Architecture, headquartered in Portland, is the designer. Developers Collaborative, owned by Kevin Bunker and Laura Reading, is based in Portland and has developed projects around the state, including affordable, market-rate and senior housing, as well s commercial builds and historic redevelopment. This is the 18th project the company has developed for residents ages 55 and older. “We're seeing a strong need for affordable senior housing with existing properties being fully occupied and maintaining waiting lists," Reading told Mainebiz. "This newest development is generating an interested parties list of over 100 households for 54 units.”

Community room, other amenities

The apartments, which range in size from 501 to 837 square feet, include a dozen studios, 34 one-bedroom units and eight two-bedroom units. Nineteen of the units are designed to be fully accessible and the building features a community room, laundry facilities, bike storage and infrastructure designed to support telemonitoring and telehealth services. Current maximum rents for tenants who earn 50% of the area median income are $1,050 for a studio, $1,108 for a one-bedroom unit and $1,334 for a two-bedroom dwelling. Maximum lease rates for those earning 60% of the area median income are $1,294 for studio, $1,369 for a one-bedroom and $1,647 for two-bedroom apartments. Greater Portland's area median income is $48,700 for an individual and $55,650 for a two-person household. MaineHousing is providing 11 rental vouchers to support tenants with lower incomes.