Portland's Midtown development moves forward with land sale
Courtesy / THA Architects
A rendering of the proposal of Midtown Building 3 submitted to Portland's Planning Board in March.
A major hurdle has been cleared for the ambitious Midtown development project in Portland’s West Bayside neighborhood, as the Federated Cos., a Florida real estate investment firm, has closed on the purchase of 3.5 acres of city-owned land.
Federated paid $2.3 million for the land, which runs along Somerset Street, in a deal that closed on Friday, according to a release from the city. The company plans to build 450 market-rate apartments in a six-story complex that will include over 87,000 square feet of retail space on the ground floor and an 800-vehicle parking garage.
The 3.5-acre site is bounded by Somerset Street, Elm Street, the Bayside Trail and the extension of Pearl Street.
The project will also include additional amenities to support and improve Portland’s Bayside Trail with new plaza space. With the closing, the developer can initiate the construction phase, which is expected to begin this summer and take three years to complete, according to a release from the city.
“Closing on this land sale is a great step for the city and for the Bayside neighborhood,” said Portland Mayor Ethan Strimling in a prepared statement. “This is a significant project for Portland because it’s permitted to bring 450 new units of market-rate housing, which goes a long way toward my goal of creating 2,000 new units. With our tight housing market, this will provide some great relief. I look forward to seeing the full buildout of the project.”
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