WNC & Associates and the Portland Housing Authority will redevelop, rehabilitate and expand Riverton Park in a $117.1 million project. The affordable housing property will bolster Portland, Maine’s income-restricted inventory by 182 units upon completion in late 2027.
The capital stack combined various local, state and federal affordable funds, including construction and permanent mortgage from Maine State Housing Authority. The project also received financing from the City of Portland and Portland Housing Development Corp., in addition to 4 percent federal LIHTC.
When completed, the redevelopment is bound to encompass 91 units catering to households earning at or below 50 percent of the area median income, 77 apartments income-restricted at 60 percent AMI and 14 units reserved at 80 percent AMI.
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Riverton Park currently consists of 142 one- to four-bedroom apartments averaging 1,125 square feet, spread across 26 buildings that debuted in 1971. Plans call for the renovation of 22 structures and the rehabilitation of their 118 units, as well as the demolition of four buildings to be replaced by a new four-story 64-apartment structure.
Once redeveloped, Riverton Park will include studios to six-bedroom townhomes. The revamp is slated to improve the energy efficiency of existing buildings with new windows, roofs, air sealing and continuous insulation.
Employing the same green building practices, the new structure will be built to obtain Passive House certification. This new building is also set to host a clinic for Greater Portland Health, enabling the non-profit to provide health-care services.
Common-area amenities will comprise a community garden, an after-school study center, a teen center and an activity room, as well as playgrounds, among others.
Located at 2 Riverton Drive, Riverton Park is about 5 miles from downtown Portland. U.S Route 302 and Interstate 95 are close, as well as several transit stops.
Portland, Maine’s aging affordable inventory
Portland holds a robust affordable inventory with 37.8 percent of total multifamily stock comprising income-restricted units as of July, according to Yardi Matrix data. Yet, nearly 90 percent of these apartments have a vintage of 26 years or more.
Efforts are being made to bring online newer stock, though just about 130 income-restricted apartments were underway in July, accounting for 13 percent of the total under-construction count, the data provider shows. Last year, developers completed about 350 such units.
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