Cosakita18
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Construction of blocks 4,5 and 6 will involve three tower cranes across all three phases
Portland Foreside | 58 Fore Street | Portland
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TC_zoid
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Nicely posted. Thanks. This has become quite a luxury housing monster. My main concern is that the units available for rent or purchase are not primarily from out-of-state clients. But perhaps that's impossible to control. Portland is becoming a hot destination for the rich. There are numerous metrics one can pull for verification and other signs of this. Yesterday, I noticed that there was a luxury cruise ship in dock not far from four yachts, one of which is the biggest in the world (Rising Sun). And in 2024, there will be considerably more luxury cruise ships coming to port. I think Portland 2033 is going to look vastly different than Portland 2023. It certainly has from 2013. Count the notable buildings that have gone up since then. And the season is getting longer. Next year it's from April to November for cruise ships.
Portlander
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Like the design or not, this will be a massive undertaking if built out as planned and will make the Portland waterfront even more diverse and entertaining than it already is. Does anyone think that this project's scope and size may have an impact on the Herald Square development getting off the ground and being completed as planned or is there more than enough distance between the two?
Cosakita18
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This is a huge influx of upper-end rental and condo units. Despite Portland's desirability and our overall housing shortage there is an upper limit to how many high-end units Portland's housing market can absorb in a 2-3 year timeframe.
TC_zoid
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Yes, but haven't we been saying that for the last 8 years? What was a new condo in 2015? 600K? Now it can be up to $4 million, or more. There is a notable migration of rich arriving to buy a place here from the south--from all the way to D.C., even California. Go walk around the back road of Peaks Island. Where did all those new high-tech homes come from? I was stunned. But I think an even bigger draw will be the southern and western lakefront of Sebago Lake. I've been looking for something there and NOTHING is reasonable. You want a tear down lake house with no insulation? Then fork over $2 million! (It is one of the cleanest lakes in the country--you can drink from it.) The drive to Portland is short, and a mere 2 hours to Boston. Also, Portland is not far off from being a suburb of Boston (train commuting), which is becoming the greatest tech and education center in the world. They are coming and it's not going to stop. (And if NYC has its migrant apocalypse like Mayor Eric Adams said it's going to have, then well... $$$$$$$.)
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From the listings I can see online, 218 Washington, 75 Chestnut, and Hobson's are having trouble getting rid of some units - these are not just the ultra high end, but the 500k range too.
As for 58 Fore, I still think they need to be careful about planning what retail ends up going in - people come to Portland to go to the Old Port, that's what they know. If you expect they'll also walk to 58 Fore - or repark - it will need to be a destination not just an outpost with some random shops.
As for 58 Fore, I still think they need to be careful about planning what retail ends up going in - people come to Portland to go to the Old Port, that's what they know. If you expect they'll also walk to 58 Fore - or repark - it will need to be a destination not just an outpost with some random shops.
Cosakita18
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Part of that is the result of national trends. With interest rates as they are it's just not a great time to buy, But Portland could easily end up with an oversupply of condo / ownership units and an even more critical shortage of rental units.
A quick look shows Hobson's Landing Phase 2 with of 12 of 64 units still available.
218 Washington Ave has 18 of 45 units still available.
The Daymark has 13 of 52 units still available.
Those numbers aren't dismal, but If I was Reger Dasco, I would be thinking about converting the residential phases of 385 Congress to be a mix of condo and rental or even majority rental.
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I don’t have a problem with height restrictions in this particular area…I think that it’s important to protect the top of Munjoy Hill…and sightlines going both ways. I get the whole NIMBY thing, but in this case I’m siding with them. Some iconic areas and features of the penninsula are worth protecting.
TC_zoid
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The units that are available are probably all overpriced. Without a view, there is no point in spending high. They can also be cheaply done, and that's common. I should qualify my aforementioned statement with quality.
Go to Apartments.com and you'll see that a number of those addresses have rental listings – it's not uncommon for projects to lease out unsold condo units on short-term leases while they wait for buyers (or for buyers to rent out their condos as apartments to other people). Just because they're unsold doesn't mean they're not occupied and generating revenue for the developers.
TC_zoid
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With the Foreside project, I expect anything with a good view to sell high. Many or most buyers of high-priced units are primarily out-of-state residents. Why would they buy something in Maine without a view and without quality? They also want hi-tech, modern, and Green. Kaplan Thompson knows this. Go to their website to see what they've built for homes in the last few years. And as I indicated, the Sebago Lake area is hot. The only properties I could find on the water were for 1.2 million and 1.9 million, and another at 2.75 million on Frye Island, which is a stretch because there is no access in the winter. And hop on the ferry to Peaks and walk around the back part of the island. The wealthier set is invading. Once they get in, they might even be using the abandoned WWII bunkers to defend too (lol). The next big luxury project will probably be on the land near Bug Light Park. The developer who owns it teased an imminent build a few months back. It would face southwest to see the skyline and sunset. Water taxi's are already taking diners to Saltwater Grille and back, so not a big deal to not be on the peninsula. My prediction for maybe the next five years will be the first condo sale that hits $10 million. I'd say this land with something stunning in SoPo might do the trick.
Project was approved by the Planning Board last night. 13 long years....and many more to come...
Per Mainebiz Article today..
The next phase of the Portland Foreside mixed-use development on the city's eastern waterfront is taking shape after getting a green light from the Portland Planning Board.
Following construction of the Sun Life building, Twelve Restaurant and Fore Points Marina as anchors of the complex, developers plan to build nearly 400 residential units, a 128-room luxury hotel and 50,000 square feet of space for retail, restaurant and service businesses.
In total, the complex is expected to total 1.5 million square feet when fully built out. The project is led by Casey Prentice and Kevin Costello, managing partners at Portland Foreside.
Prentice puts the estimated cost of the next development phase at around $660 million, "give or take 10%." Getting the site plan approval on Sept. 12 "feels almost like a culmination of nearly 13 years of work," he said.
Asked about the building timeline, Prentice told Mainebiz that the team is working through construction logistics with Turner Construction Co., which is based in New York and owned by Germany’s Hochtief AG. Prentice said he should know more in the next couple of months.
“While we are very excited to have received site plan approval for what is likely the largest project in the state of Maine, we remain equally excited at how the density and housing units that are part of that project will enable us to revitalize and energize the historic buildings on Block 2 of the site,” he told Mainebiz.
The plan calls for turning the historic structures into “what we hope becomes a nationally celebrated public market that will showcase the best innovators and entrepreneurs in the food and beverage industry here in Maine,” Prentice said.
Besides Turner, other companies working on the project include engineering firm Woodard & Curran Inc.; Michael Boucher Landscape Architecture, of Freeport: Penobscot General Contractors, of Falmouth; and three architecture firms. They are Boston-based Perkins & Will, New York-based Marvel, and Baskerville in Richmond, Va., whose project portfolio includes the Canopy Portland Waterfront Hotel.
Prentice previously told Mainebiz that the decision to work with three architecture firms was a strategic one, to ensure a variety of styles on the site.
Of the nearly 400 residential units planned in the next phase of the Portland Foreside development, there will be a mix of oceanfront condos, multistory townhomes and around 180 rental apartments.
“With the next phase, the company aims to cement Portland Foreside as a vibrant new neighborhood and exemplary model for thoughtfully designed, community-focused, mixed-use waterfront development," the company said in a Sept. 21 press release.
Per Mainebiz Article today..
The next phase of the Portland Foreside mixed-use development on the city's eastern waterfront is taking shape after getting a green light from the Portland Planning Board.
Following construction of the Sun Life building, Twelve Restaurant and Fore Points Marina as anchors of the complex, developers plan to build nearly 400 residential units, a 128-room luxury hotel and 50,000 square feet of space for retail, restaurant and service businesses.
In total, the complex is expected to total 1.5 million square feet when fully built out. The project is led by Casey Prentice and Kevin Costello, managing partners at Portland Foreside.
Prentice puts the estimated cost of the next development phase at around $660 million, "give or take 10%." Getting the site plan approval on Sept. 12 "feels almost like a culmination of nearly 13 years of work," he said.
Asked about the building timeline, Prentice told Mainebiz that the team is working through construction logistics with Turner Construction Co., which is based in New York and owned by Germany’s Hochtief AG. Prentice said he should know more in the next couple of months.
“While we are very excited to have received site plan approval for what is likely the largest project in the state of Maine, we remain equally excited at how the density and housing units that are part of that project will enable us to revitalize and energize the historic buildings on Block 2 of the site,” he told Mainebiz.
The plan calls for turning the historic structures into “what we hope becomes a nationally celebrated public market that will showcase the best innovators and entrepreneurs in the food and beverage industry here in Maine,” Prentice said.
Besides Turner, other companies working on the project include engineering firm Woodard & Curran Inc.; Michael Boucher Landscape Architecture, of Freeport: Penobscot General Contractors, of Falmouth; and three architecture firms. They are Boston-based Perkins & Will, New York-based Marvel, and Baskerville in Richmond, Va., whose project portfolio includes the Canopy Portland Waterfront Hotel.
Prentice previously told Mainebiz that the decision to work with three architecture firms was a strategic one, to ensure a variety of styles on the site.
Of the nearly 400 residential units planned in the next phase of the Portland Foreside development, there will be a mix of oceanfront condos, multistory townhomes and around 180 rental apartments.
“With the next phase, the company aims to cement Portland Foreside as a vibrant new neighborhood and exemplary model for thoughtfully designed, community-focused, mixed-use waterfront development," the company said in a Sept. 21 press release.
I look forward to seeing how this is actually built out. As they say "the proof is in the pudding" and "put up or shut up"! LOL
TC_zoid
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I think that Rowes Wharf in Boston is the only comparative to this project on scale and luxury in New England (on the water, hotel and residential). And that was over 30 years ago. The developers are younger (40ish) with little or no experience in residential or hotel development. But still, they are going to get $660 million for this build. I think the out-of-state influence and resettlement here is the obvious fuel in the scenario. I'm not implying it's a big negative, just saying, that's all.
(Rowes Wharf is a 16-story, 665,000 square foot, mixed-use complex, comprising of 365,000 square feet of Class A office space, a five-star 230-room hotel, 100 luxury residential condominiums, street level retail, and marine facilities, contained in one land-side building, three wharf buildings, and a ferry pavilion.)
The Foreside planning is for 1.5 million square feet, or more than twice that of Rowes Wharf. With Hobson's Place at one end, and this on the other, other than what you find in Manhattan or the New Jersey side (Jersey City and Weehawken now), for the east coast is there anything close to Foreside's ambitions other than what you find in South Florida?
(Rowes Wharf is a 16-story, 665,000 square foot, mixed-use complex, comprising of 365,000 square feet of Class A office space, a five-star 230-room hotel, 100 luxury residential condominiums, street level retail, and marine facilities, contained in one land-side building, three wharf buildings, and a ferry pavilion.)
The Foreside planning is for 1.5 million square feet, or more than twice that of Rowes Wharf. With Hobson's Place at one end, and this on the other, other than what you find in Manhattan or the New Jersey side (Jersey City and Weehawken now), for the east coast is there anything close to Foreside's ambitions other than what you find in South Florida?
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Several much larger waterfront projects come to mind without even leaving New England:
Seaport Square in Boston: 6.3 million square feet total, including 2500 homes: https://www.bostonplans.org/projects/development-projects/seaport-square-pda
Dorchester Bay City in Boston: 6.5 million square feet of floor area, with 1970 homes: https://www.bostonplans.org/projects/development-projects/dorchester-bay-city-pda
Providence I-195 parcels: 1.9 million SF (so far) on an abandoned interstate highway right-of-way along the Providence River: https://www.195district.com/
TC_zoid
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Those are multiple development projects grouped together. Not the same thing. Foreside is two guys (40ish) named Casey and Kevin (Jim Brady was tossed aside).
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TC_zoid
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That's Casey to the far right. His Prentice Group donated 200K to USM's capital improvement campaign. Several weeks later Foreside was approved by the city's planning board. Make them all feel good about you.
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MaineBiz has a brief profile of Casey Prentiss as part of their "40 Under 40" feature. I found his ambition to create a major hospitality school in Portland interesting (that's something I could see USM taking on with little to no flack from the rest of UMS). There is an Associates degree in Hospitality at SMCC but there's only so far you can go with a two-year school.
TC_zoid
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He's upped his prominence and cred in R.E. development, that's for certain. His dad was a top lawyer with money, so that helped. If you've noticed the participants in the Foreside project now, it's contractors and designers out of NYC. That says something, that there is far more than a dream here. I know Jim Brady has a footprint in NYC, but he's now off this project. Foreside is a massive-scaled project for Maine or New England. There are other large or bigger projects in New England and other places, but as ones with multiple development partners. And unlike most of those, Foreside is more than a mere plan or dream now--it's a city approved one. Casey is basically now, doing it on his own. Kevin worked I believe at J.P. Morgan in NYC, so connects probably came from there too. It's easy to dream big, like the Rock Row guy does, but to secure top design firms and contractor build plans costs money. They won't do it on spec or if you are a wannabe buffoon. I'm expecting substantial buzz for this area once it has started. And why is David Geffen and his movable mansion still in their marina? It's been almost a month. Perhaps he likes the dining only steps away (Twelve).
With all the talk of Blocks 4, 5 and 6, I went back in the thread and found a link to the site plan that lays them out. In brief, Parcels 1 A, B and C are SunLife, the grassy lawn in front of it on Fore St. and Twelve, respectively; Parcels 2 A, B and C are the surviving old buildings (and what looks like a storage area / junkyard adjacent to the tower along Fore St); Parcel 3 is part of the paid parking lot.
