CASCO TERRACE
41 State Street, Portland, ME
Casco Terrace was the first mixed income housing project developed by The Szanton Company. The 27-unit project was a complete re-make of an unattractive concrete parking garage into a handsome brick apartment building with underground parking for tenants. The pre-construction newspaper story below describes the project's highlights and the need it addresses in a city desperate for affordable housing.
From the Portland Press Herald, May 28, 2003:
"It began as one of the first parking garages in Portland, at a time when few people owned cars. Built in 1925, the West End building offered 32 parking spaces nestled in one level of steel-reinforced concrete. Soon, four stories of mixed-income housing will be stacked on top of the squat, sturdy structure at 41 State St., within a stone's throw of the Casco Bay Bridge.
Construction is set to start in July on a 27-unit brick building that will provide subsidized and market-rate apartments in a city where rents are increasingly out of reach for low- and middle-income people. The $4.4 million Casco Terrace project is the latest effort to satisfy the city's call for developers to create more affordable housing.
City officials say the state-financed project is the kind of development Portland needs to help stem suburban sprawl and provide affordable rental housing for its workforce. They also give it high marks for being attractive and practical, and making the most of an under-used lot with desirable views of the waterfront.
Each apartment will have its own parking space in the existing garage, and several will have balconies, cathedral ceilings and/or bedroom lofts.
'It's a project with a lot going for it', said Mark Adelson, Portland's director of housing and neighborhood services.
Thirteen of the apartments will be rented to low-income tenants; 14 will be rented at market rates."
Designed by Archetype, P.A., Portland, ME, and built by Wright Ryan Construction, Portland, ME, the project was financed by MaineHousing and TD Banknorth.
For detailed rental information, please visit
http://dirigomgmt.com/cascoterrace.htm or call Dirigo Management Company at 207-871-1080 and ask to speak with a member of the Casco Terrace leasing team.