Construction of the Daymark housing project that has been on hold for some time is set to proceed. The project is being constructed in Portland’s Bayside neighborhood in the USA. Mike Procopio from Procopio Properties based in Lynnfield and the main developer of the project said the 52-unit condominium project will be constructed at 75 Chestnut St. Construction of the housing units is expected to start at the end of this year.
Tapping into the growing demand for housing
The $20 million, according to Procopio should be complete by early 2022. It will include housing units priced between $450,000 and $750,000. The project is being developed to tap into the growing demand for housing among out-of-state buyers who are seeking to move out of more urban areas like New York and Boston.
Bayside is especially a good neighborhood as it allows people to access stores. “It’s almost like there’s this sudden realization that Portland is not far from Boston,” Procopio said. “We saw this as an underlying trend before COVID and we don’t think it will change. COVID just made it more visible and really pushed it forward.”
Daymark housing project was approved four years ago and was initially a rental housing project. Since then, the project has changed hands and design several times. The latest change to the project design was approved recently by the Planning Board.
Procopio had intended to build six units for workforce housing under the city’s inclusionary housing ordinance. He has however opted to pay around $565,700 into the city’s house trust fund, which is tasked with subsidizing affordable housing in the city.
Daymark housing project drew divisions among Planning Board members with two members voting against the change of plan. Marpheen Chann, who opposed the change of plan, said the developer should have stuck to the original plan. The initial plan had proposed the development of deed-restricted units to be used by middle-income families.