Miami, FL – July 6, 2011 – (RealEstateRama) — The Federated Companies, a leading national real estate investment and development firm, is pleased to announce that it has been awarded the contract to purchase seven lots of land totaling 3.25 acres in the Bayside Development area of Portland, Maine. The land is located on Somerset and Elm Streets, is currently owned by the City of Portland and received unanimous approval from the City Council of Portland to be sold to The Federated Companies. The Federated Companies’ worked diligently to incorporate the city’s concept into the master plan for the mixed-use site which includes housing, retail, a medical office, and a public parking structure. The company will continue to develop the master plan and timeline with the city.
“We are very excited to work with the City of Portland, Bayside Neighborhood Association, residents, and business owners within the community to create a project that is exciting and contributes to the continued redevelopment of the Bayside neighborhood,” said Jonathan Cox, Founder and Chairman of The Federated Companies. “We are confident that the project will have a positive economic impact on the community, and will fulfill the city’s vision to transform the Bayside area into a dynamic community where people are able to live, work, and shop in a sustainable and pedestrian-friendly neighborhood.”
The City of Portland’s Economic Development Director, Greg Mitchell, agreed. “The City of Portland has always felt this land was an important element in the overall redevelopment of the Bayside area and we look forward to seeing the project come to fruition,” said Mitchell.
The Federated Companies has a vested interest in the Bayside neighborhood since it acquired Bayside Village Apartments, a student housing community, in December 2010. Since that time, it has persistently worked to reposition the property, and has made significant strides in creating a safe and affordable alternative to on-campus student housing.
About the Federated Companies
The Federated Companies is a vertically integrated national real estate investment and development firm with offices in Boston, Massachusetts and Miami, Florida. Founded in 1999, the company has excelled as both a merchant developer and owner/operator of assets. The company has an exceedingly successful track record in both residential and commercial real estate. The firm’s management has effectively developed and managed over 7,500 units of residential housing with an aggregate value of over $1.5 billion. The Federated Companies has also successfully developed retail property for many of the nation’s largest restaurants, retailers, and financial institutions. The firm is a member of the Unites States Green Building Council and a Federal Energy Star Partner.
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The Federated Companies