Maine Real Estate News

Atlas Investment Group of Boston is moving forward with plans for the $35 million Bay House Condominiums, an 82-unit, five-story building on the former Village Café restaurant property. Demolition began Monday with hopes of beginning construction by late summer. It is believed that Atlas still needs financing for Bay House and city approval for slight design modifications.

Bay House started as a 250-unit, five-building proposal in 2005 but has since been scaled back to its current 82 unit configuration, consisting of two buildings. Prices range form approximately $200,000 for a studio to more than $500,000 for a three-bedroom unit. This is Atlas’ first project in Maine but the firm has experience in New England. Project in the Boston market include the $66 million Gateway Terrace Condominiums and the $22.4 million Minot Hall condominium conversion.

Bay House is one of three large condo projects initially planned for Portland’s eastern waterfront that have not been built to date. Riverwalk LLC of Portland and Intercontinental Real Estate Corp. of Boston were expected to start building The Longfellow at Ocean Gateway (100 luxury units) at Commercial and India streets last spring. The parking garage that was part of the project, with 720 need spaces, is currently nearing completion. It is unclear if construction of the condo phase of the project will take place. The Procaccianti Group of Cranston, R.I., is selling the former Jordan’s Meats plant on India Street, after dropping city-approved plans for 100 luxury condos.

Recently several smaller condo projects have been completed, including seven luxury townhouses at 44 Federal St. and the 37-unit Chestnut Street Lofts near City Hall.