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V O L . X X V I I I N O. I X M AY 2 , 2 0 2 2 24 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G F O C U S The Green New Deal and Portland's dilemma B y J e s s i c a H a l l When local developers Chris Rhoades and Drew Preston proposed to the city of Portland a 275-unit apart- ment building, half of which would have been deemed affordable housing, they hoped to get help with fund- ing through a TIF, or tax incremental financing, geared to such affordable housing projects. e two developers, partners with the Presidium Group, says they had been in talks with the city for over a year on the estimated 200-foot high- rise with parking at 45 Brown St., making multiple accommodations and changes. But they still failed to get the TIF supported. Without the special financing, the project became unaffordable and the developers are sitting on the land, which sits behind the Time & Temperature Building. "Portland's No. 1 mandate is housing and the priority is affordable housing, Get a free banking review f rom our Business Banking team: 207.640.2227 | northeastbank.com/property-managers Above-market interest rates and low fees A dedicated customer service team Full suite of online cash management products Extended FDIC deposit insurance programs available Free remote deposit capture and scanner for qualifying customers We're dedicated to providing quality, purpose-built banking solutions for Property Managers. Katie Rooks Business Banking Relationship Manager Lucie Hannigan Senior VP, Director of Business Banking Business Banking made for Maine Property Managers. P H O T O / J I M N E U G E R Developers Chris Rhoades (left) and Drew Preston on the roof of the Time & Temperature Building in Portland. C O N T I N U E D O N PA G E 2 6 » » C O N T I N U E D F RO M P R E V I O U S PA G E

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