Market-rate housing project lauded in Portland
A new 39-unit apartment building in Portland's West End may be the first large-scale apartment development since the 1950s that will not require government subsidies, tax breaks or zoning waivers.
That's according to City Councilor David Marshall, who was joined by city officials and developers for the official groundbreaking of West End Place, a $6 million, 45,000 square-foot project that will rent out apartments at a market-rate, the Bangor Daily News reported.
The newspaper noted that the new development stands out as various projects for affordable housing and luxury condominiums have relied on government subsidies or tax breaks.
“There hasn't been a market-rate apartment building built in Portland in a long, long time,” said lawyer Paul Peck of LWS Investments LLC, which is a part of the development group behind the building project on the corner of Brackett and Pine streets. “Most of it has been subsidized.”
The building will rent out apartments ranging from $1,300 and $2,2000 per month, and will include two first-floor retail spaces and 34 parking spaces inside. It is among more than 900 housing units that are at various statements stages of planning and development in the city.
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