Looks like development of the former Jordan’s meat plant might be taking shape.
In an announcement yesterday Old Portland Hospitality proposed a 122 room Hampton Inn, restaurant and small condo development for the property.
According to documents filed with the city, the project was valued at around $15 million.
The condo portion of this development is clearly much smaller than others that had been considered on this location (and others nearby).
Currently there are 175 condos on the market in Portland, ranging in price from $89,900 to $1,200,000, with a median list price of $189,900 or $207.70 per sqft. During the last 90 days 49 condo units and townhomes have sold at a median price of $203,000.
The graph below illustrates the current inventory of condos in Portland, as measured in “Months of Inventory”. The blue line represents “Days on Market”.
Inventory levels have dropped significantly during the last 12 months and perhaps January’s sales are evidence of overall improvement in the market.