News: Northern New England

Pro Con completes framing for $6.8 million mixed-use The Residences at Portwalk in Portsmouth

The framing is complete for The Residences at Portwalk, a $6.8 million, mixed-use apartment building in the city's historic district. Cathartes Private Investments is the developer and Pro Con Inc. is the architect and construction manager for the sustainable design build project. Upon completion, The Residences at Portwalk will apply to become LEED certified. The 5-story, 52,000 s/f apartment building is located on Hanover St. and is part of Portwalk, a mixed use development that is situated between Deer St.'s retail district and Market Sq. The Residences at Portwalk will offer open floor plans with various one and two bedroom design configurations, ranging in size from 720 s/f to 1,169 s/f. The 36 apartments will feature kitchens with wood cabinetry and granite counters, Energy Star stainless steel appliances, living/dining room or great room, and master bedroom suite with cultured marble vanity counter and shower surround, walk-in closet, laundry area and over-sized windows. Some floor plans include a raised ceiling and sliding terrace doors, offering views of the city. The Residences will have a private entrance with an elevator and a dedicated parking area. The ground level will contain 9,400 s/f of retail space. Cathartes and Pro Con have incorporated sustainable design into each phase of the construction process, as well as, the operation of the building. The environmentally beneficial strategies include using regional and recycled materials in construction, using low volatile organic compounds for the adhesives, paints, coatings and flooring materials, installing low-e windows with insulated glazing and placing high efficiency, energy saving heating units and appliances in each apartment. When fully built out, Portwalk will be comprised of The Residence Inn by Marriott hotel and the Harbor Events and Conference Center, which were completed in 2010, The Residences at Portwalk, and the final phase which will include commercial and retail space. The buildings are connected by Portwalk Place, a two-lane, one-way, thoroughfare that is aligned with the Vaughan Mall walkway and creates a pedestrian loop connecting Congress St. with Deer St. The Residences at Portwalk is one of several projects Pro Con has managed for Cathartes in Portsmouth, including the Residence Inn by Marriott, the Harbor Events and Conference Center, Harbor Hill Condominiums, and the Hilton Garden Inn.
MORE FROM Northern New England
Northern New England

November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash

While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units. 

The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.