GreenMars Real Estate Applauds Governor Janet Mills and the Maine Legislature for Fast Action to Prevent Housing Delays

PORTLAND, Maine--(BUSINESS WIRE)--GreenMars Real Estate, a Maine developer of quality, affordable housing, commends Governor Janet Mills and the Maine State Legislature for its quick action to address Maine’s housing crisis following the failure of LD2229, which sought to support multifamily modular housing. Immediately after LD2229’s failure, the Governor and the Legislature authorized $900,000 to support in-progress modular communities like GreenMars’ Stroudwater Commons, a Portland community of “starter-home” condos and accessory dwelling units (ADUs). Half of Stroudwater Commons’ residences are affordably priced and 26 ADUs offer the potential for rental income. While the median list price for a single-family Portland home is $639,900, Stroudwater Commons homes begin at $294,000, making homeownership possible for a broader group of people. The funds are assisting four other projects in Brunswick, Rockland and Portland, which will support a total of 246 units.

“The Governor’s office moved confidently to keep in-progress modular housing communities on track, and this quick action benefits Maine people who desperately need homes they can afford." Chris Marshall, co-founder of GreenMars Real Estate.

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Chris Marshall, co-founder of GreenMars Real Estate, which is developing Stroudwater Commons, applauded the Governor’s quick action: “The Governor’s office moved confidently to keep in-progress modular housing communities on track, and this quick action benefits Maine people who desperately need homes they can afford. Maine has emerged as a national leader in addressing its housing crisis. Innovative legislation like LD2003 and LD1829 have helped tremendously. We’re confident the Legislature can resurrect the spirit of LD2229 to support the momentum around modular communities, an action that we believe will continue to distinguish Maine as a national leader in creating housing abundance.”

Portland’s Stroudwater Commons offers more than 150 one, two and three bedroom “condo starter-homes” at 1877 Congress Street, which begin at $294,000 and are currently for sale. Half the units are considered affordable to those earning 80% of area median income and 100% area median income, or $72,380 and $90,860, respectively, for one-person households in Portland. Additionally, 26 ADUs give owners the opportunity to generate rental income or use for their own families. More information is available at www.stroudwatercommons.com

GreenMars is proud to work alongside Acadia Realty Partners in the development of Stroudwater Commons. The Governor’s funding also supports the work of several Maine-owned businesses including Backyard ADUs.

About GreenMars Real Estate

Nate Green and Chris Marshall completed their first Maine “renovation” at eight years old. In 2011, they created Portland, Maine-based GreenMars Real Estate to channel their childhood passion into building communities that benefit Maine people. Current projects include Stroudwater Commons and Deering Village, two large-scale developments that exemplify the impact of Maine’s innovative housing legislation. GreenMars also repurposed Nasson in the Pines in Springvale, transforming former college dormitories into modern housing. To learn more about GreenMars and its commitment to making homeownership affordable and supporting the long-term growth and prosperity of Maine, please visit www.greenmars.com.