Under an agreement with Portland Place Partners LLC, the city will sell the land for $1.6 million, but retain the approval rights for building and landscape designs. Portland Place will be constructed in three phases, beginning in January 2005. Plans for the construction call for a row of brownstone townhouses to be built along Portland Street with condo units ranging in size from 1,500 sf to 3,200 sf. The units are set to sell from $290,000 to $660,000.
The property originally was earmarked for a 330-unit multifamily complex, but city officials took back the land after the Atlanta-based Post Properties pulled out of the local housing market in 2001.
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