A Maine-based developer is proposing a large new housing complex in Portland.GreenMars Real Estate says it will file an application to build Stroudwater Commons, a project including 90 condos and 18 rental units at 1877 Congress St. That is next to the Portland Elks Lodge and across from an entrance to the Portland International Jetport.GreenMars says half the home would be affordably priced, and half would reflect market pricing. The company says 20% would be for people earning 80% of the area median income (AMI), and 30% would be for those earning 100% AMI. Developers also plan several duplex options where they say owners could add a separate studio apartment to produce rental income or serve as a private in-law suite.The company is hosting a community meeting about the project at 6 p.m. Wednesday at the Portland Elks Lodge and expects to present its proposal to the Portland Planning Board in the next few months.The plans call for a total of nine buildings with studio apartments and one-, two- and three-bedroom condominiums.“Homeownership has long been a reliable path to financial stability, wealth creation and the well-being that comes from being a part of a community,” said Chris Marshall, a co-founder of GreenMars Real Estate. “In Portland, however, we’ve all but lost the starter home, that first rung of the ladder that puts people on the path to these benefits. Stroudwater Commons restores access to that first rung of the ladder for 90 families or individuals, helping a new generation of Mainers build financial security for themselves and for the generations that follow.”The co-founders of GreenMars, Nate Green and Chris Marshall, lived and grew up in Southern Maine as childhood friends. Their current projects include Wilbur’s Woods, a sold-out affordable housing community in Brunswick, and Nasson College, which will deliver housing in York County by transforming former dormitories.
A Maine-based developer is proposing a large new housing complex in Portland.
GreenMars Real Estate says it will file an application to build Stroudwater Commons, a project including 90 condos and 18 rental units at 1877 Congress St. That is next to the Portland Elks Lodge and across from an entrance to the Portland International Jetport.
GreenMars says half the home would be affordably priced, and half would reflect market pricing. The company says 20% would be for people earning 80% of the area median income (AMI), and 30% would be for those earning 100% AMI. Developers also plan several duplex options where they say owners could add a separate studio apartment to produce rental income or serve as a private in-law suite.
The company is hosting a community meeting about the project at 6 p.m. Wednesday at the Portland Elks Lodge and expects to present its proposal to the Portland Planning Board in the next few months.
The plans call for a total of nine buildings with studio apartments and one-, two- and three-bedroom condominiums.
“Homeownership has long been a reliable path to financial stability, wealth creation and the well-being that comes from being a part of a community,” said Chris Marshall, a co-founder of GreenMars Real Estate. “In Portland, however, we’ve all but lost the starter home, that first rung of the ladder that puts people on the path to these benefits. Stroudwater Commons restores access to that first rung of the ladder for 90 families or individuals, helping a new generation of Mainers build financial security for themselves and for the generations that follow.”
The co-founders of GreenMars, Nate Green and Chris Marshall, lived and grew up in Southern Maine as childhood friends. Their current projects include Wilbur’s Woods, a sold-out affordable housing community in Brunswick, and Nasson College, which will deliver housing in York County by transforming former dormitories.
Read More: Large new housing complex in the works for Portland