PORTLAND, Maine — Developers in Portland are proposing a new project that would bring more than 300 apartments to Washington Avenue.
Redfern Properties plans to build a seven-story building with 320 apartments for rent, including 80 which will be designated for workforce housing.
"It's important we meet the housing need across the income spectrum," Jonathan Culley, a managing partner at Redfern Properties, said. "Eighty percent is very, very important and is a real gap in our housing market right now."
Those units will be affordable to people making less than 80% of the area's median income, which is $68,500, according to the city. Workforce unit rent prices would cost $1,712 or less per month.
"It's still a lot, and to be clear, we have an affordable housing crisis. We are a private developer, using private financing, so we don't use any government financing. So this is the best we can do. Our contribution is really at the 80% level," Culley said. "Eighty percent is not typically subject to government funding, so the private market needs to step up and that's what we're trying to do here."
The company is currently in the process of purchasing the site on Washington Avenue, formerly occupied by the business Northern Burner Supply.
The seven-story proposal exceeds Portland's four-story height limit for the neighborhood. The city is in the process of updating its zoning regulations with its ReCode initiative aimed to support growth and address the housing shortage, Portland's Director of Communications Jessica Grondin, said.
Culley is asking for permission to build the seven stories, which he said the city has already recommended for its new adjustments.
Grondin said the project aligns with the city's plan to designate more transit-oriented development on Washington Avenue. The Planning Board will review the proposed zoning map and hear public comment before making a recommendation to the city council, she said.
Culley hopes to begin construction next year and estimates the building will take two years to complete.