Courtesy / The Szanton Co.
The Furmer Block, at the corner of Kennebec and Parris streets in Portland's West Bayside neighborhood, is expected to be completed in three months.
September 23, 2020
Interest high as Furman Block in West Bayside nears completion
Courtesy / Szanton Co.
The Furman Block at 178 Kennebec St. in Portland, will be completed in three months, and is getting a lot of interest from prospective tenants.
By Staff
Demand is strong for apartments in the soon-to-be completed Furman Block, one of the projects that's transforming the former industrial West Bayside area of Portland.
The 51-unit development by The Szanton Co. is for residents age 55 and older, with 40 reserved for those at or below 60% of the area median income. It will also have street-level commercial space.
The developer’s property management arm, Saco Falls Management, said there has been a deluge of interest from prospective tenants, an indication of the area's housing crunch as well as the need for senior housing.
“Just one week after unveiling our model unit and opening the building for showings, we had approximately 15 units rented,” said Melanie Johnson, Saco Falls Management’s director of property management. “We’ve rented to some people sight unseen.”
The development is part of the answer to the city's housing crunch, said Szanton Co. Vice President Amy Cullen. The apartments are among hundred of units that will be developed in the once-industrial neighborhood in the next few years, but the only one so far for those over 55 and with low-income housing.
“The demand for affordable housing has long exceeded the supply in southern Maine, but the shortage has grown more severe since the coronavirus hit,” Cullen said.
Because of the pandemic, showings must be scheduled in advance. “We’ve been filling all our reservation spots for showings each week,” said Johnson. The building’s visibility on the Portland skyline, especially to drivers on Interstate 295, may be generating additional interest, she said.
Johnson said demand for an exclusively 55-plus building has been strong. The Szanton Co. has developed three other mixed-income properties on the Portland peninsula operated by Saco Falls Management, but none are age-restricted.
“We’ve received interest from people who know our buildings and like our management style, but are looking for a community within their age demographic,” she said.
Located at the corner of Kennebec and Parris Streets on .22 acres, the building has only 18 on-site parking spaces. Its focus is older adults who want to be close to downtown, and don’t necessarily want a car, developers said.
The Szanton Co. is partnering with developer Ross Furman, who will own and manage the ground-level commercial space. No commercial tenant has yet been announced.
The seven-story building was designed by Archetype Architects and is being built by Hebert Construction on the site of a former gravel lot used as parking for public works vehicles. It's one of six former public works parcels sold to five local developers, who are constructing a mix of residential and retail in the neighborhood.
Developer Tom Watson, of Port Property Management, said last month he plans 171 apartments and retail at nearby 52 Hanover St., another one of the parcels.
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