The $32M Deal: Turning a Failed Student Dorm Into 200 Workforce Apartments
Bayside Village Apartments at 132 Marginal Way in Portland opened in 2008 as a student dormitory. Occupancy rate was only ever at 45% and developers defaulted on their $21 million mortgage. Portland developer Tom Watson has acquired the property and will redevelop it into market-rate workforce rental housing. This will force some current single room occupancy renters out. An on-site property manager is assisting with the transitions.The project will help to address Portland's need for middle income housing. Includes a sidebar that explains what workforce housing is and provides Portland area metrics.
Schreiber, Laurie, "The $32M Deal: Turning a Failed Student Dorm Into 200 Workforce Apartments" (2020). Maine News Index – MaineBiz. 7826.