Chestnut Street Lofts is an urban infill development located in the heart of downtown Portland, just a quick walk from the city’s Old Port and Arts District. With 37 residential condominiums plus ground-floor retail and office condominiums, the development enlivens Cumberland Avenue and provides services and employment to neighborhood residents.
Chestnut Street Lofts sit on a rehabilitated brownfield site and development was made possible by a public-private partnership between the City of Portland and Developers Collaborative. Thanks to a city-managed revolving loan fund, Developers Collaborative was able to clean up pollution from a long-defunct gas station to create quality residential units affordable for middle-class buyers. The project was noteworthy in that during a period of failed condo projects all around the greater Portland area, it sold out within a year. Part of its quick market absorption can be attributed to the loft style design, which appealed not only to buyers at a moderate price point but also to higher-end buyers wanting to fully customize their unit and create a truly unique home.
Chestnut Street Lofts was named a 2008 project of note by the Maine Chapter of the AIA. Its iconic design has been featured in several magazine articles and has attracted a lively mix of creative professionals.