Photo / Courtesy, RDS Architects
A rendering of the planned condo building with 13 units and a 15-car parking garage at 246 Eastern Promenade in Portland.
15 hours ago
Portland’s Eastern Promenade to see new condo construction
PHOTO/TINA FISCHER
The 12-unit apartment building at 246 Eastern Promenade will be demolished to make room for a new condo building.
More luxury condos are coming to Portland's peninsula this fall, with a rare new build on the Eastern Promenade.
Owner Harry Krigman said the project will be “the first new development on the Eastern Prom in over 50 years," even as there has been a slew of new development elsewhere on Munjoy Hill.
An aged 12-unit apartment building and parking lot at 246 Eastern Prom is scheduled for demolition by the end of February, to make way for 13 condominiums and an enclosed, temperature controlled 15-car garage.
Developer Greg Shinberg of Portland-based Shinberg Consulting said the new four-story, 46,000-square-foot structure will have residences ranging in size from 1,850- to 2,700-square-feet, and will feature large private decks and a garden. The building’s architect is Carol Morrissette at RDS Architecture, based in Portland.
Shinberg said the total cost of the project will be $30 million, $17.5 million of which will be construction costs. Krigman’s Ellie LLC bought the apartment building three years ago. He said there’s been early interest from buyers, with three of the units already “under reservation, going to contract.” The prospective buyers are from Maine and one from Denver. Broker Harry McMann at Westbrook-based Flaherty Group is handling sales.
“The project has been very collaborative,” Shinberg said, “with good support from the neighbors. This is a much better use of the property and improves their property values. It’s a beautiful location, right across from the ball field. And the city has been great to work with.”
Shinberg has developed numerous residential and commercial projects in Maine and New Hampshire, including the Intermed building on Marginal Way, and the Press Hotel and Hyatt Place in the Old Port.
The general contractor is Portsmouth, N.H.-based DeStefano & Associates and the project is being financed by Norway Savings Bank.
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