Portland’s North Deering neighborhood could see a new 60-unit luxury condominium complex soon.
The development, slated for a 13-acre property in the North Deering area with a private road off of Hope Avenue, is still fairly early in planning, according to Kevin Kraft, the city’s deputy director of planning and urban development. The units will be a mix of duplexes and triplexes.
The applicant is GenX Capital Partners, a Miami-based real estate investment firm. Shinberg Consulting is working with the applicant. Greg Shinberg, owner of Shinberg Consulting, was not available for an interview.
The proposal is a $25 million development, according to a report from Mainebiz. Kraft said the developers are getting out of the 25 percent inclusionary zoning requirement, which would mandate that a quarter of the rental units be affordable. Developers will pay $1.2 million toward the city’s housing trust fund, ideally used to promote low-income and affordable housing developments, which developers pay into in lieu of actually building affordable units.
Mainebiz anticipated the condos to range in cost from $500,000 to $700,000. Kraft could not confirm the cost of the project.
City officials anticipate a Planning Board workshop on the proposed development later this summer.
