GenX Capital Partners, LLC closed on an approved 50 unit, luxury condo development on October 26th, 2021 for $3.3MM. The $18 million project will be the first of its kind in the Town of Cumberland Maine, which will be situated in the Cumberland Foreside vicinity, considered to be one of the Top 3 Wealthiest Zip Codes in the State.
A new 50-unit condominium building will be coming to the Cumberland Foreside, featuring luxury one, two and three-bedroom units that will fuse a metropolitan style with the flavor of coastal Maine.
Set between U.S. Route 1 and Interstate 295, The Mark at Cumberland Foreside will be a five-story building and an underground garage with 90 total spaces. The setting is surrounded by a wooded area, providing tranquility and privacy, yet it is located only minutes away from the hustle and bustle of downtown Portland to the south, Freeport to the north and all the various shopping, businesses and company campuses that make up Southern Maine.
Jonathan Snell had the project approved in August and in turn sold it to McClure for $3.3 million after the Town of Cumberland Planning Board granted transfer of ownership approval and granted approval for a small redesign McClure needed for the site plan.
“Sevee & Maher Engineers did an exemplary job designing the site plan,” McClure stated. “And I will say it was a pleasure to work with the Town of Cumberland and their planning board. Great people, entrepreneurial minded and forward thinking.”
“As for the project, there hasn’t been a condo development like this in quite some time, certainly not in the Cumberland, Falmouth, Yarmouth and Freeport vicinity,” McClure continued.
“So when this site was presented to us off market, we jumped at it.” He said GenX’s goal is to deliver style with substance and high-end design, privacy within a prime location, top-notch amenities and exemplary customer service and management for future residents. “The Mark will have it all,” he said.
Unit sizes at The Mark will range from one bedroom/one bath and 700± SF to three bed-room/two bath and 1,230± SF. Condos prices will start at mid-$400,000 for the smaller units and go up to the $700,000 range fifth floor units that will have their own roof top deck. Amenities will include a fitness room, meeting space, complimentary Starbucks coffee station, out-door grills, dog walking area and much more.
Over the next three to four months, McClure and his partners Paula Wallem, Miami-based investors Jeff Pollack and Moshe Miller along with his design team Mueller Architects and Shinberg Consulting, will look to create a bespoke product that will standout to the most discerning eye, while launching a marketing campaign before Christmas to begin taking reservations. They anticipate breaking ground at the end of February.
“We are excited for sure,” McClure said. “We haven’t even started mar-keting this to the public, it’s just been word of mouth to family, friends and colleagues, and we already have several of the units spoken for.”
McClure and his team have been busy as of late, building and selling 1179 Shore Rd in Cape Elizabeth for $1.7 million while coming out of the ground on several other million dollar plus homes, in addition to their 32 home “Over 55” subdivision in Saco (The Cottages at Pine Meadow), which is now 75% sold out and more than $70 million in various other developments in the approvals stage.
“Paula Wallem and Ronnie Goddard have been instrumental in juggling our many projects,” said McClure. “Handling subs, the brokers, the buyers, code enforcement, budgeting… you name it. They have been the backbone of our growth, no doubt. I’m not sure where we would be without them.”
McClure was also quick to point that his firms GenX Capital Partners and GenX Lending are still actively closing debt and equity financing for viable projects for seasoned developers; from residential subdivisions to ground up hotels and everything in between.
Read more: https://www.pressherald.com/2021/11/02/genx-capital-partners-closes-on-approved-50-unit-development-in-cumberland-foreside/
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