BANGOR, Maine — Developers in Bangor are hoping to build a 500-unit apartment complex off Stillwater Avenue as the state continues to struggle to meet the ongoing need for housing.
Developers Justin and Nicki Freeman are planning to build around nine buildings, each with 40 to 60 units, on a site between Chase Road and Longview Drive.
“I don't know how to do anything small, so we said, 'Let's go build something that's gonna make an impact in the community,'” Justin Freeman said.
Freeman said the project is still in its planning stages but if approved would be one of the largest apartment complexes in Bangor.
The project would cost upwards of $40 million.
The goal is to make the units affordable for median-income earners, at around $1,100 per month, including heat and hot water.
“[With] new construction, it's hard not to price something at $1,800 or $2,000 or $2,200 a month, and there's a lot of people that need housing at a more affordable area,” Freeman said.
Freeman said he decided to take on the project amid increasing rents across the state due to rising insurance and energy costs.
“By building the quantity of units we're building, we're trying to reduce some of those costs just through scale, and the quantity of units should hopefully have an impact on at least mitigating some rent increases in the future,” Freeman said.
According to a report last year by The Maine State Housing Authority, the Governor's Office of Policy Innovation and Future, and the Maine Department of Economic and Community Development, the state needs to build 80,000 homes by 2030 to meet demand.
Laura Mitchell, Executive Director of the Maine Affordable Housing Coalition said with rising costs of rent, more affordable housing is necessary.
“You have to be making about $27 an hour to afford rent in Maine now, and that is just out of reach for many Maine people,” Mitchell said.
The complex would include a combination of one- and two-bedroom apartments ranging from 500 to 1,000 square feet.
They’re planning to largely house seniors looking to downsize and working professionals.
“There’s such a great need for housing for our workforce, so increasing the supply of homes for our workforce is really critical,” Mitchell said.
Freeman said they’re planning to bring the proposal to the Bangor planning board for approval this fall.
If all goes according to plan, they hope to start working on the first building in May, with people moving in by the end of next year.