Portland plans housing project on former scrapyard site

A housing developer in Portland is planning a new project in the Bayside neighborhood. Redfern Properties wants to build the Kennebec Block on the site of a former scrap metal recycling company. The project aims to include more than 500 apartments and is estimated to cost $150 million. However, the developer is facing financial challenges. Jonathan Culley, Redfern's managing partner, mentioned that economic uncertainty could delay the project. The plans have been posted online, but no formal proposal has been submitted yet. Redfern bought the 1.5-acre site last May for $6.8 million. The company envisions two 12-story apartment buildings. Parking will be available in a nearby garage with space for 450 cars. Culley also pointed out concerns with another project, Tavata, which has been approved but is currently on hold due to financing issues. Both projects must comply with the city's requirement that 25% of the apartments be designated as workforce housing, which means affordable for lower-income residents. Redfern has previously developed more than 500 apartments downtown. The firm’s investors are patient as the Bayside project is seen as a long-term effort. Culley suggested that lowering the workforce housing requirement could help make the projects financially viable. The shift from scrapyards to housing in Bayside has been a long-term goal for Portland officials. Concerns about the scrapyards have existed for over two decades, as they have been viewed as barriers to redevelopment in the area.