Redfern Properties

Penobscot General Contractors is clearing the 65,000-square-foot building at 165 Washington Ave. to make way for a 325-unit, seven-story apartment building to be developed by Redfern Properties.

With rising construction and financing costs, the ‘IZ fee’ has made many projects unaffordable for developers. A number of approved projects have been paused, due in large part to costs imposed by the ordinance.

The city of Portland has contracted with national planning firm CZB to review the Inclusionary Zoning Ordinance, which developers say has hindered the building of much-needed housing.

Approved by voter referendum in 2020, the rule requires all housing projects with 10 units or more to commit 25% of the units to lower- to middle-income households or pay an in-lieu fee of $182,830 per unit.

Recipients of this year's Annual Business Awards include Matcha Mood and Redfern Properties. They will be honored at an event in November.

There are pluses and minuses to getting around Maine’s biggest city without an automobile.

Two high-end condominium developments and a 327-unit apartment complex targeted to middle-income households are all now on hold due to rising costs.

Three downtown housing projects were approved and developers were poised to move forward earlier this year, but all three developers now say their projects are on hold.

The Portland Planning Board in February gave the green light to a 327-unit mixed-income apartment building in Portland's East End, but the developer now feels the economy doesn't favor moving forward yet.

A well-known Portland bakery will open a new location called Two Fat Cats West End.