Real Estate Insider Notebook: Condos turned rentals; LP scholars; a Saco River pier project

Photo / COURTESY, GENX CAPITAL PARTNERS LLC The Mark at Cumberland Foreside will have 45 high-end units.

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The Mark in Cumberland was intended as a luxury condominium complex, but higher interest rates and a slowdown in what had been a white-hot residential market have brought changes to the development.

Some 45 units in the project are now being offered as rentals, with rates ranging from $2,200 to $4,300 a month.

Developer Mark McClure, a Cape Elizabeth native and managing partner of Miami-based GenX Capital Partners, says the shift to apartments was necessary in today’s market.

“Yes, rates were crushing to buyers, still are,” he told Mainebiz in an email. “So we pivoted to apartments for now, lease it up, refinance it out and pivot back to sales down the road when rates drop. Fingers crossed.”

DeStefano & Associates, of Portsmouth, N.H., is managing construction of the Mark.

The project represents an investment of $21.5 million, the developer said at the time of groundbreaking.

Building scholars

LP Building Solutions, a global company with a New Limerick site, said three Maine students have won scholarships from the company.

Brayden Antone, Maine Maritime Academy
Sydney Harvey, University of Maine at Fort Kent
Alyssa Crandall, University of Southern Maine

LP Building Solutions awarded scholarships of $2,500 or more to about 75 students nationwide. Since 2001, the program has awarded nearly $2.5 million to more than 470 students.

Some other facts about LP Building Solutions' Maine site:

LP Houlton, as the Maine site is known, has about 150 employees.
In 1981, LP Houlton became the second-ever OSB mill built by LP. It was converted into a siding mill in 2022.
LP Houlton manufactures LP SmartSide products.
Despite its name, the mill is located in New Limerick, which is 7 miles from Houlton.
100% of the wood used at the mill is sustainably sourced through the Sustainable Forestry Initiative. LP uses aspen trees, which regenerate from their own roots, helping to ensure the resources are renewable. When the bark is removed, it's used to fuel the plant; 99% of each log is used during the process.
LP Houlton is active in the community through its support of local organizations and programs such as RSU 29, United Way of Aroostook, Northern Maine Soap Box Derby, Houlton Junior High School and Houlton Community Golf Course.
LP Building Solutions is part of Portland, Ore.-based Louisiana-Pacific Corp. (NYSE: LPX).

Pier proposal to be discussed

A proposal by the University of New England to build a pier on the Saco River will be discussed next week by the Saco River Corridor Commission.

The commission doesn't have voting power, but its recommendation is expected to be taken into consideration when the city of Biddeford reviews the proposal.

The Saco River Corridor Commission will meet Wednesday, Aug. 28, at 7 p.m. at Porter Town Hall.

UNE says the pier would be used for the marine sciences department.

But the effort has stirred controversy in the York County city, where opponents say the pier is too large for the proposed site and should be sited elsewhere.

"Because Biddeford has not studied the proposed site for river depth, currents, seasonal fluctuations, tidal issues, wind issues, ice flow, climate change, displaced moorings and navigational challenges, the SRCC has been asked to step in and examine those issues to the best of its ability," the commission said in a press release.