GenX Capital Partners Pays $3.3 Million For Approved 50 Unit Condo Development In Cumberland Foreside, Maine

    PORTLAND, ME, October 28, 2021 /24-7PressRelease/ -- Mark McClure and his firm GenX Capital Partners continue their foray into real estate development in the Southern Maine market with the acquisition of 100 Rt 1 in Cumberland Foreside, Maine. McClure paid $3.3 million for the 3 acre parcel that sits off Rt 1 and is adjacent to US 295 between Portland and Freeport. The parcel received site plan approval back in August with the former owner Jon Snell, who sold the fully approved, 50 unit luxury condo development to McClure this week. McClure recently got site plan re-approval for the ownership change and an amendment approved to tweak the parking. With the acquisition now in the rearview mirror, he and his team intend to immediately begin drawings and work towards pre-sales with ground breaking to take place for The Mark at Cumberland Foreside in the next 120-160 days.

"We are excited, no doubt. There hasn't been a condo development like this in quite some time, certainly not in the Cumberland, Falmouth, Yarmouth and Freeport vicinity, so when this site was presented to us off-market, we jumped at it," McClure stated. "Our goal will be to deliver style with substance and high-end design, privacy with a prime location, top-notch amenities and exemplary customer service and management for our residents. The Mark at Cumberland Foreside will have it all," McClure stated.

The development team will be made up of McClure, Paula Wallem, Miami based real estate investors Moshe Miller and Jeff Pollack along with Mueller Architects and Shinberg Consulting. McClure hopes to lock down the GC before Thanksgiving.

Unit sizes will range from 1 bedroom/1 bath and 700 square feet to 3 bedroom/2 bath and 1,230 square feet at The Mark. Condos prices will run in the mid $400,000s for the smaller units all the way to the $700,000's for those on the fifth floor with their own rooftop deck. Amenities include a fitness room, meeting space, complimentary Starbucks coffee station, outdoor grills, dog walking area and much more.

"We haven't started marketing this to the public as of yet, just some word of mouth to family, friends and colleagues, and we already have several of the units spoken for. We anticipate breaking ground end of February and launching a full-blown marketing campaign for any units we have left," McClure added.

McClure was also quick to point out that while he and his partners have more than $70 million in projects coming out of the ground or wrapping up the approval process, 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. Visit their websites for more information.

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