🔒Thompson’s Point project will add 257 apartments to market

Callahan Construction Managers, headquartered in Bridgewater, Mass., is about to break ground on a large — and rare for Portland these days — market-rate apartment complex at Thompson’s Point. The six-story, 457,600-square-foot building, to be named Thompson’s Yard, is being developed by Boston-based Cathartes, which has created numerous apartment complexes around New England and in New Jersey and Chicago. The apartments will range in size from 657-square-foot studios to 1,358-square-foot three-bedroom units. Rental rates have not yet been released. Building features will include a fitness center, yoga room, café, game lounge and an outdoor swimming pool. A 460-spot parking garage will be built adjacent to the complex, for use by both residents and visitors to Thompson’s Point. The timeline calls for completion by summer 2028.

A first project in Maine

This is Callahan Construction's first project in Maine. The 70-year-old company has worked primarily in New Hampshire, southern New England and in New York and New Jersey. Callahan builds a range of multifamily types, as well as commercial, hospitality, education and retail projects. “Thompson’s Point will introduce much-needed housing to Portland’s vibrant downtown community, offering the best of both worlds: proximity to entertainment and cultural attractions with easy access to outdoor recreation," said Steven Callahan Jr., a vice president with Callahan Construction. Boston-based Embarc Design is the architect on the project.

No IZ fee applicable

This project is one of very few apartment complexes getting built in Portland these days, due to the Inclusionary Zoning fee. The project was approved before the IZ fee was implemented. The fee, which was approved by voters, requires developers of all residential projects with 10 or more units to price 25% of the units at a rate affordable to lower incomes or pay an in-lieu fee of $186,088 per unit beyond the first 10. The fee is paid to the city's Housing Trust Fund to be put toward the development of housing. The ordinance was designed to spur the building of more affordable housing but instead has made projects too costly to build, when coupled with escalating construction costs, inflation, and rising interest rates. The IZ fee is currently under review by a contracted research firm and the Portland City Council expects a report within the next few months.