Hobson's Landing | Aloft Hotel | 383 Commercial Street | Portland

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Max

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Seven story condo and hotel development on site of the former Rufus Deering lumberyard. Construction started early 2019, estimated completion summer 2020 for the condos, later for the hotel. Future 3rd phase would include additional residential / office space on the westernmost portion of the property.

Home - Hobson's Landing

www.hobsonslanding.com www.hobsonslanding.com

Aloft Portland — ARCHETYPE ARCHITECTS

www.archetype-architects.com www.archetype-architects.com


COMMERCIAL+ST+-+AERIAL+-+PHASE+1%2B2.jpg
 
Great looking development.....hopefully turns out similarly in reality.
 
I think that Hobson's Landing looks great.....at least what I can see through the power lines and poles.
 
It's coming along very well. Large and extends commercial street in a meaningful way. I liked the aesthetic of the lumber yard, but this is way more modern and fits a growing city.
 
Does the renderings of Hobson's landing show all 3 phases? Or is that only the first two phases in the renderings? Nice pics Corey!
 
It was initially 3 phases, but the hotel and the first condo building (shown in Max's post above) are being built together in a new "phase 1."

A second condo building at the corner of High Street had been planned as "phase 2," but it's anyone's guess when (or if) that's happening now.
 
My guess, and it's only a guess, is that the second phase does in fact move forward. People always need a place to live, and even if the sale prices (or rents in the event this transitions to rental) decrease as a function of the market dynamics, my guess is that it's still possible to build, even if there's a slight delay, because it's already permitted (presumably shovel ready, although that too is a guess), and it may in fact have synergies with the adjoining phase that make it more attractive to the same lender to finance, in addition to the fact that construction costs are likely to drop as a result of what we're seeing right now in the broader market. But again I am just speculating on all of this without any real idea of how this could shake out. I know a lot of banks are in a position where they are itching to do deals right now, so the question really becomes one of whether the income side of the equation (sale proceeds, rents) works, and if that declines then it becomes a factor of reduced construction costs which I don't see remaining as high as they have been given how many other projects which are further back in the permitting pipeline are likely to be abandoned. One thing the city could do is extend all permits for projects presently permitted for a potential period of 5 years (rather than 3 years) which would avoid unnecessary trips back to the planning board for developments that were sidetracked by this whole thing (and have a huge cost savings effect in terms of both entitlement costs and market timing alike).
 
PortlandArch said:
My guess, and it's only a guess, is that the second phase does in fact move forward. People always need a place to live, and even if the sale prices (or rents in the event this transitions to rental) decrease as a function of the market dynamics, my guess is that it's still possible to build, even if there's a slight delay, because it's already permitted (presumably shovel ready, although that too is a guess), and it may in fact have synergies with the adjoining phase that make it more attractive to the same lender to finance, in addition to the fact that construction costs are likely to drop as a result of what we're seeing right now in the broader market. But again I am just speculating on all of this without any real idea of how this could shake out. I know a lot of banks are in a position where they are itching to do deals right now, so the question really becomes one of whether the income side of the equation (sale proceeds, rents) works, and if that declines then it becomes a factor of reduced construction costs which I don't see remaining as high as they have been given how many other projects which are further back in the permitting pipeline are likely to be abandoned. One thing the city could do is extend all permits for projects presently permitted for a potential period of 5 years (rather than 3 years) which would avoid unnecessary trips back to the planning board for developments that were sidetracked by this whole thing (and have a huge cost savings effect in terms of both entitlement costs and market timing alike).
Click to expand...

I could see the second phase being built as market-rate rentals rather than condos. Even in a sharp recession, there is going to be demand for more rental housing in Portland. Also,the phase 2 building isn't in as prime of a spot ( I can't imagine many people paying $300-400K for a 1br condo with a view out over an Irving gas station...especially in an economic downturn)
 
At one point I half expected these lots would be filled in with one-story banks or gas stations, so I'm really happy to have these parking lots filled in and that the new buildings are a similar scale to the historical buildings in this area (5 or 6 stories, mixed use, etc).

Hobson's Landing Construction from Maple Street by Corey Templeton, on Flickr
 
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