Federated Companies, a development firm with offices in Boston and Miami, purchased 3.5 acres of city-owned land in Portland, Maine, for a six-story apartment project.
Federated paid $2.3 million for the land and plans to build 450 market-rate apartments, a parking garage with 800 spaces, and 87,000 square feet of ground-floor retail space.
The construction phase of the development in Portland’s West Bayside neighborhood is expected to take three years.
“With our tight housing market, this will provide some great relief,” Portland’s mayor, Ethan Strimling, said in a prepared statement.
Last year, an affiliate of Federated Companies paid $17.8 million for the Fort Lauderdale headquarters of Show Management Convention Services, operator of the Fort Lauderdale International Boat Show. [Mainebiz] — Mike Seemuth