Local Developer Takes Critical First Step To Add Housing to Eastern Waterfront in South Portland, Maine
01 Agosto 2024 - 12:13PM
After six years of community outreach, planning and studies, and
feedback following a 2022 pre-app meeting, the Yard South
development team announced that a formal zoning application to
create a dynamic mixed-use neighborhood was submitted to the City
of South Portland. The property owned by L&R Northpoint
Holdings and developed by PK Realty Management of Portland, ME,
comprises 30 acres of primarily vacant waterfront land adjacent to
Casco Bay with views of the Portland skyline.
Yard South is envisioned to contain up to 1.5 million square
feet of new construction phased over the next 15-20 years and seeks
to create an integrated community within the Eastern Waterfront of
South Portland. Yard South requests to rezone the property to allow
for the redevelopment of an underutilized former shipyard site into
a vibrant, high-quality mixed-use waterfront community that
allows for a wide range of land uses, including residential,
retail, restaurants, commercial, community services, and
recreational improvements that connect with the adjacent Bug Light
Park and extend the existing trail system through the
site.
"Yard South utilizes carbon reduction strategies, designing a
'15-minute community' where residents have the opportunity to live,
work and play all within a short walk, bike, water transit, or bus
ride. Our planning addresses two major crises confronting our
community and our nation – housing and climate change," said
Jennifer Packard, President of PK Realty Management. "We are
addressing the housing crisis by building up to 1,000 new
residences, including 100 affordable housing units. We are actively
designing to address both the immediate and long-term impacts of
our changing climate and rising sea levels. Yard South is a
blueprint for a sustainable coastal community.”
Along with extensive community input, Yard South developers
stressed that they closely followed the vision outlined in South
Portland's current comprehensive plan, which identifies the
Shipyard Development District’s underutilized industrial land as an
opportunity to create “mixed-use areas that attract people to live
and work in the area and to enjoy the waterfront.” Additionally,
Yard South improves waterfront access for all South Portlanders by
providing connectivity between adjacent neighborhoods and the
Eastern Waterfront and extending the water frontage of Bug Light
Park by designating the entire Yard South shoreline as accessible
waterfront space.
At total build-out, Yard South is projected to provide a
significant positive economic impact to South Portland’s future tax
revenue to address city-wide fiscal demands and job creation,
including:
- Net fiscal impact for the City of
South Portland and South Portland School Department: Up to $5.7
million
- Annual jobs supported: Up to
500
- Total assessed value: Up to $546
million
Probably the most significant change requested in the
application is adding housing while removing oil storage tanks from
allowed uses on the property.
As part of laying the groundwork for an inclusive and vibrant
new community in South Portland, Yard South has partnered with the
South Portland Housing Authority, which has already committed to
the first 60 units of affordable housing. The
application can be found on the City of South Portland's
website: https://www.southportland.org/252/Major-Projects.
About PK Realty Management
PK Realty Management is an award-winning,
environmentally-conscious developer that is known to breathe new
life into underutilized historic buildings and properties in the
Greater Portland, Maine, area. They currently manage 20 properties
in Southern Maine, including Yard South, a forward-thinking
development plan on the Eastern Waterfront of South Portland.
Michelle Morel, Confocal Communications
michelle@confocalcommunications.com
(207) 329-6767