Redfern closes on Portland land to build $9M apartment complex
Image / Courtesy of Redfern Properties
A rendering of Redfern Properties' 89 Anderson St. apartment complex.
Portland developer Redfern Properties has purchased the East Bayside property where it plans to build a $9 million apartment complex that includes retail and restaurant space on the first floor.
The company purchased the land at 89 Anderson St. from Perigree LLC for $815,000. The deal, which closed July 2, was brokered by Drew Sigfridson of CBRE | The Boulos Co. 3GS Tire and Auto Service was previously located at the site before moving to Veranda Street.
Redfern’s plan to build a four-story, 45,000-square-foot apartment building there is another sign that East Bayside is emerging as a hotbed for new development. The neighborhood has attracted a diverse mix of food, beverage, arts and other businesses over the past few years, including Bunker Brewing Co., Coffee By Design, Ten Ten Pie and Running With Scissors.
Jonathan Culley, principal at Redfern, told Mainebiz that the neighborhood’s transformation from an industrial area into a destination for food producers, arts groups and other businesses is what led his company to propose a building there in the first place.
“It brings with it a certain energy,” he said. “It has certainly attracted artists and food producers and we thought that residential housing would do really well.”
Culley said the building, which has an estimated total project cost of up to $9 million, will include 53 market-rate apartments, starting at $1,000 a month. In all, there will be nine studios, 35 one-bedrooms and nine two-bedrooms. Off-street parking will be provided for tenants.
Culley said he’s currently in discussions with a not-for-profit organization as the building’s potential, first-floor retail tenant. He said he doesn’t have a restaurant tenant lined up yet, adding that, like the retail tenant, it would have to fit within the fabric of the neighborhood.
“[East Bayside] is very diverse, racially and economically, so whoever we put in there has to appreciate and respect that,” Culley said.
Construction on the building, which has already received all necessary city approvals, is expected to begin next month. The estimated completion date is August 2016.
This story originally appeared in the Real Estate Insider newsletter.
Most Recent
Most Recent
Comments