GreenMars Real Estate Proposes 108 New Residences for Portland
26 Junio 2024 - 6:55AM
Business Wire
Stroudwater Commons to offer 90 condos and 18
rental units:
50% will be affordably priced
GreenMars Real Estate, a Maine business dedicated to quality,
affordable development that supports vibrant communities, will file
an application to build Stroudwater Commons, a professionally
designed community of 90 condos and 18 rental units located at 1877
Congress Street. Consistent with GreenMars’ mission, half the
residences will be affordably priced, and half will reflect market
pricing. The firm will file the application with the City of
Portland following its meeting with the surrounding community. It
anticipates presenting its proposal to the Planning Board in the
next few months.
Stroudwater Commons offers studio apartments and one-, two- and
three-bedroom condominiums in nine sleek, modern buildings that
reflect Portland’s historic aesthetic. Interiors are meticulously
designed to maximize living space without sacrificing livability or
amenities. Contemporary finishes create stylish living environments
while an open concept design attracts natural light. The ground
floor of each three-story building features gathering spaces and
high-end amenities, such as lounge and game rooms, fitness gyms,
and a sauna with red light therapy. Located within a half mile of
the Portland Jetport, the community is well-situated among
businesses, homes, educational centers and places of assembly. Yet,
it also offers direct access to Stroudwater River Walking Trails,
Fore River Sanctuary, and Capisic Pond Park. While residents can
access public transportation easily, the development will also
include 100+ parking spaces.
“Home ownership 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, 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.”
As a developer, GreenMars is committed to fair pricing. Half of
Stroudwater Commons’ residences are affordably priced: 20% are for
prospective residents earning 80% of the area median income (AMI);
30% are for those earning 100% AMI. The remaining units are market
priced. Additionally, several units have duplex options where
owners could add a separate studio apartment to produce rental
income or serve as a private in-law suite.
“Our design for Stroudwater Commons maximizes living space
without sacrificing amenities, livability or charm,” said Virginie
Stanley, architect and principal of Invivid Architecture. “These
homes are ideal for people who want to live among all the amazing
things Portland has to offer, live closer to work or reduce their
carbon footprint. It’s no secret that the number of people who
can’t afford the city’s soaring rents and housing prices is growing
rapidly. Portland desperately needs housing that Mainers can
afford, and Stroudwater Commons is ideally located and expressly
designed to meet this need.”
GreenMars will work with several other local businesses to
develop Stroudwater Commons, including GreenMars Engineering,
Acadia Realty Partners, Barton and Longuidice, Drummond Woodson,
BH2M and McFadden Environmental. Its co-founders, Nate Green and
Chris Marshall, live 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.
GreenMars co-founder Nate Green commented: “Stroudwater Commons
is a thoughtfully designed, well-located community that’s ideal for
people who love city life and value beautiful, quality housing with
high-end amenities. We look forward to working with the local
community to ensure the project integrates well within the existing
neighborhood. I believe we all share a desire to welcome Mainers
who have longed to live in Portland but have been unable to find
housing in a market that’s soaring beyond all expectations.”
For more information, please visit www.stroudwatercommons.com.
Following site plan approval, GreenMars will accept reservations
from prospective buyers and renters.
About GreenMars Real Estate
Nate Green and Chris Marshall completed their first successful
“renovation” at eight years old. They founded GreenMars Real Estate
in 2011 to apply their childhood passion to development that
benefits Maine’s people and communities. Current projects include
Wilbur’s Woods, a pocket development of affordable and workforce
housing, and the Nasson College renovation in Springvale, which is
transforming former dormitories into housing in York County. Past
projects include Yarmouth Commons, which turned a vacant lot into a
market-rate, mixed-use apartment and commercial complex, as well as
new housing through repurposed buildings and new construction. To
learn more about GreenMars and its approach to responsible
development, please visit www.greenmars.com.
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Media: Shanti Skiffington 617.921.0808