RESIDENTIAL

CHESTNUT STREET LOFTS

Chestnut Street Lofts is an urban infill development located in the heart of downtown Portland, on the same block as City Hall and Merrill Auditorium. It includes 37 residential condominiums plus ground-floor retail and office condominiums, which help to enliven Cumberland Avenue and provide services and employment to neighborhood residents.

Besides being a highly walkable location, just a few minutes from the city's Old Port and Arts District, the site is also a rehabilitated brownfield. Thanks to a partnership with a city-managed revolving loan fund, the Developers Collaborative was able to clean up pollution from a long-defunct gas station while keeping the cost of the housing units affordable to middle-class buyers.

Chestnut Street Lofts finished construction late in 2007 and quickly sold most of its units in spite of a challenging housing market. Its residents are already active in the Bayside neighborhood's community: see “Hello From the Lofts” from the January edition of the Baysider newsletter.

FAST FACTS

Location:
Chestnut Street and Cumberland Avenue, Portland

Completion Date:
2007

Project Scope:
37 market-rate residential units, 2 ground-floor retail units

Lead Developer:
Richard Berman

Total Cost:
$8 million