South Portland, ME, Aug. 01, 2024 (GLOBE NEWSWIRE) -- After six years of community outreach, planning and studies, and feedback following a 2022 pre-app meeting, the Yard South development team announced that a formal zoning application to create a dynamic mixed-use neighborhood was submitted to the City of South Portland. The property owned by L&R Northpoint Holdings and developed by PK Realty Management of Portland, ME, comprises 30 acres of primarily vacant waterfront land adjacent to Casco Bay with views of the Portland skyline.
Yard South is envisioned to contain up to 1.5 million square feet of new construction phased over the next 15-20 years and seeks to create an integrated community within the Eastern Waterfront of South Portland. Yard South requests to rezone the property to allow for the redevelopment of an underutilized former shipyard site into a vibrant, high-quality mixed-use waterfront community that allows for a wide range of land uses, including residential, retail, restaurants, commercial, community services, and recreational improvements that connect with the adjacent Bug Light Park and extend the existing trail system through the site.
"Yard South utilizes carbon reduction strategies, designing a '15-minute community' where residents have the opportunity to live, work and play all within a short walk, bike, water transit, or bus ride. Our planning addresses two major crises confronting our community and our nation – housing and climate change," said Jennifer Packard, President of PK Realty Management. "We are addressing the housing crisis by building up to 1,000 new residences, including 100 affordable housing units. We are actively designing to address both the immediate and long-term impacts of our changing climate and rising sea levels. Yard South is a blueprint for a sustainable coastal community.”
Along with extensive community input, Yard South developers stressed that they closely followed the vision outlined in South Portland's current comprehensive plan, which identifies the Shipyard Development District’s underutilized industrial land as an opportunity to create “mixed-use areas that attract people to live and work in the area and to enjoy the waterfront.” Additionally, Yard South improves waterfront access for all South Portlanders by providing connectivity between adjacent neighborhoods and the Eastern Waterfront and extending the water frontage of Bug Light Park by designating the entire Yard South shoreline as accessible waterfront space.
At total build-out, Yard South is projected to provide a significant positive economic impact to South Portland’s future tax revenue to address city-wide fiscal demands and job creation, including:
- Net fiscal impact for the City of South Portland and South Portland School Department: Up to $5.7 million
- Annual jobs supported: Up to 500
- Total assessed value: Up to $546 million
Probably the most significant change requested in the application is adding housing while removing oil storage tanks from allowed uses on the property.
As part of laying the groundwork for an inclusive and vibrant new community in South Portland, Yard South has partnered with the South Portland Housing Authority, which has already committed to the first 60 units of affordable housing. The application can be found on the City of South Portland's website: https://www.southportland.org/252/Major-Projects.
About PK Realty Management
PK Realty Management is an award-winning, environmentally-conscious developer that is known to breathe new life into underutilized historic buildings and properties in the Greater Portland, Maine, area. They currently manage 20 properties in Southern Maine, including Yard South, a forward-thinking development plan on the Eastern Waterfront of South Portland.
Michelle Morel, Confocal Communications michelle@confocalcommunications.com (207) 329-6767
