GreenMars Real Estate Proposes 108 New Residences for Portland

Stroudwater Commons to offer 90 condos and 18 rental units:

50% will be affordably priced

PORTLAND, Maine, June 26, 2024--(BUSINESS WIRE)--GreenMars Real Estate, a Maine business dedicated to quality, affordable development that supports vibrant communities, will file an application to build Stroudwater Commons, a professionally designed community of 90 condos and 18 rental units located at 1877 Congress Street. Consistent with GreenMars’ mission, half the residences will be affordably priced, and half will reflect market pricing. The firm will file the application with the City of Portland following its meeting with the surrounding community. It anticipates presenting its proposal to the Planning Board in the next few months.

Stroudwater Commons offers studio apartments and one-, two- and three-bedroom condominiums in nine sleek, modern buildings that reflect Portland’s historic aesthetic. Interiors are meticulously designed to maximize living space without sacrificing livability or amenities. Contemporary finishes create stylish living environments while an open concept design attracts natural light. The ground floor of each three-story building features gathering spaces and high-end amenities, such as lounge and game rooms, fitness gyms, and a sauna with red light therapy. Located within a half mile of the Portland Jetport, the community is well-situated among businesses, homes, educational centers and places of assembly. Yet, it also offers direct access to Stroudwater River Walking Trails, Fore River Sanctuary, and Capisic Pond Park. While residents can access public transportation easily, the development will also include 100+ parking spaces.

"Home ownership has long been a reliable path to financial stability, wealth creation and the well-being that comes from being a part of a community," said Chris Marshall, co-founder of GreenMars Real Estate. "In Portland however, we’ve all but lost the starter home, that first rung of the ladder that puts people on the path to these benefits. Stroudwater Commons restores access to that first rung of the ladder for 90 families or individuals, helping a new generation of Mainers build financial security for themselves and for the generations that follow."

As a developer, GreenMars is committed to fair pricing. Half of Stroudwater Commons’ residences are affordably priced: 20% are for prospective residents earning 80% of the area median income (AMI); 30% are for those earning 100% AMI. The remaining units are market priced. Additionally, several units have duplex options where owners could add a separate studio apartment to produce rental income or serve as a private in-law suite.

"Our design for Stroudwater Commons maximizes living space without sacrificing amenities, livability or charm," said Virginie Stanley, architect and principal of Invivid Architecture. "These homes are ideal for people who want to live among all the amazing things Portland has to offer, live closer to work or reduce their carbon footprint. It’s no secret that the number of people who can’t afford the city’s soaring rents and housing prices is growing rapidly. Portland desperately needs housing that Mainers can afford, and Stroudwater Commons is ideally located and expressly designed to meet this need."

GreenMars will work with several other local businesses to develop Stroudwater Commons, including GreenMars Engineering, Acadia Realty Partners, Barton and Longuidice, Drummond Woodson, BH2M and McFadden Environmental. Its co-founders, Nate Green and Chris Marshall, live and grew up in Southern Maine as childhood friends. Their current projects include Wilbur’s Woods, a sold-out affordable housing community in Brunswick, and Nasson College, which will deliver housing in York County by transforming former dormitories.

GreenMars co-founder Nate Green commented: "Stroudwater Commons is a thoughtfully designed, well-located community that’s ideal for people who love city life and value beautiful, quality housing with high-end amenities. We look forward to working with the local community to ensure the project integrates well within the existing neighborhood. I believe we all share a desire to welcome Mainers who have longed to live in Portland but have been unable to find housing in a market that’s soaring beyond all expectations."

For more information, please visit www.stroudwatercommons.com. Following site plan approval, GreenMars will accept reservations from prospective buyers and renters.

About GreenMars Real Estate

Nate Green and Chris Marshall completed their first successful "renovation" at eight years old. They founded GreenMars Real Estate in 2011 to apply their childhood passion to development that benefits Maine’s people and communities. Current projects include Wilbur’s Woods, a pocket development of affordable and workforce housing, and the Nasson College renovation in Springvale, which is transforming former dormitories into housing in York County. Past projects include Yarmouth Commons, which turned a vacant lot into a market-rate, mixed-use apartment and commercial complex, as well as new housing through repurposed buildings and new construction. To learn more about GreenMars and its approach to responsible development, please visit www.greenmars.com.

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Contacts

Media:
Shanti Skiffington
617.921.0808