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W W W. M A I N E B I Z . B I Z 13 F E B R UA R Y 8 , 2 0 1 6 Studio in 2011 and is the newly installed president of the Portland Society of Architecture, said in a recent talk at the Portland Museum of Art. Signaling the PSA's intent to take a proactive role in that debate, he adds: "We can follow our fears or be proactive and work together — face to face, not just on Facebook — to craft solutions that will elevate Portland to new heights as a place to live, work and raise a family." Strong demand for housing Brit Vitalius of Vitalius Real Estate Group, a speaker at the MEREDA conference, cited four Portland projects that will add at least 710 rental units in the next year or two: Redfern Properties, with an eight-story, 139-unit apartment complex under construction at the site of the former Joe's Smoke Shop on Congress Street and a 53-apartment project in East Bayside at 89 Anderson St., 192 units total. Schlotterbeck & Foss's 55-unit project using historic tax credits at 117 Preble St. J.B. Brown's 63-unit El Rayo project at 101 York St. Miami-based Federated Cos.' long-delayed mixed-use Midtown project with 400 or more apartment units, reported as being "back on track" last October after the developer agreed to reduce the scope of the project. "We are attractive to the rest of the world, but it seems we've particularly got a connection with Brooklyn," Vitalius quipped. But the larger point he was making is that it's not only an influx of out-of- state young urban professionals driving the boom in Portland's multi-unit housing market, it's also retiring baby boomers and young families choosing urban life over the suburbs. at gives Redfern Properties' co-owner Jonathan Culley some confidence the $25 million investment will pay off for his company and other investors involved in the 667 Congress St. apartment complex under construction near Longfellow Square. "We know there's demand for apartments in Portland, that's well documented," Culley says. "e $64,000 question is, 'How deep is the market for rents of up to $2.50 per square foot' [i.e., rang- ing from $1,375 to $1,625 for apartments 550-to-650 square feet]? New construction is expensive. Costs have risen 10% in the last two years. We've got to get premium rents to justify the higher costs." e answer to that rent affordability question, he readily admits, is tied to an issue highlighted by new Portland Mayor Ethan Strimling: Job creation. In simple terms, Redfern and other market-rate apartment developers need "people to have incomes to support the rent" they'd pay to live downtown, Culley says. at's why he's keenly attuned to the increasingly tight Class A office market in Portland and what that might mean in relation to the city's goals of attracting highly paid professional jobs. "We haven't seen a new office project downtown in many, many years," he says. "I'd love to see more office growth happening down- town, with 1,000 well-paying jobs. at's one of the ways we address the housing affordability problem." Contact Perkins Thompson at 207-774-2635 or perkinsthompson.com Solutions start here. Perkins Thompson. With a history spanning nearly 150 years, a thorough comprehension of today's complex legal environment, and a genuine commitment to each client's future, the attorneys and staff at Perkins Thompson are ready to meet your needs. Put our years of experience to work for you. Real Estate Group E S TA B L I S H E D 1 8 7 1 From left: Melissa Murphy, Pete McDonell, Julie Ray, Paul Pietropaoli, Gordy Scannell PT.realestate.indd 1 1/27/16 9:48 AM C O N T I N U E D O N F O L L OW I N G PA G E »

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