The Boulos Company is pleased to announce the sale of land at the corner of Federal Street and Temple Street in downtown Portland for a much-needed multi-family development project. Drew Sigfridson, SIOR of The Boulos Company worked with the seller, PO Building Square, LLC in the transaction, along with the buyer, Redfern Downtown, LLC, an affiliate of Redfern Properties and its partners.
Drew commented on the project, “Redfern is developing a 263-unit multi-family
apartment building in the heart of downtown Portland, Maine. The site is immediately adjacent to Portland’s famed Exchange Street and Old Port District, and in the midst of the Central Business District. Jonathan Culley from Redfern has worked with Ryan Senatore and others to design and permit an amazing building which will stand the test of time and add to Portland’s skyline.”
The 0.4 +/- acre site is located at 201 Federal Street and represents an unparalleled location for residential development. Landry French Construction, the Construction Manager for the project, has indicated the development project is slated to commence construction this week. At 18 stories, 201 Federal will be Maine’s tallest building, providing Portland’s best views of the Old Port, harbor and ocean to the east, and Bayside, Back Cove and the white mountains to the west. Tenant amenities will include a two-story open lobby, a “Sky Lounge” on the 18th floor, co-working lounge, and on-site fitness center. Two retail spaces, and a “pocket park” at ground level will anchor the building.
The Portland apartment market has virtually zero vacancy, and COVID-19 related immigration to Portland from larger cities has only increased demand. This property is located in an Opportunity Zone which helped encourage investors to invest in the development project.
Over the past decade, Redfern Properties has been the leading multi-family developer in Portland, with an unblemished track record in delivering successful projects. The Boulos Company was pleased to play a role in helping to bring this project together and congratulates both parties in managing through the complexities of this development project which has been in the works for two years.