The Lambert Woods project by Maine Cooperative Development Partners has received a positive boost with a unanimous 6-0 vote from the planning board in February 2023. Situated in Portland’s North Deering neighborhood, the project aims to contribute 162 units of affordable housing to the city.
An interesting facet of this development and its sister project, Dougherty Commons, which developers claim to be Portland’s first limited-equity co-ops. This ownership model is presented as a means to enhance affordability and provide residents with increased influence over management and costs.
Lambert Street will divide Lambert Woods North and Lambert Woods South. Lambert Woods North will feature 72 rental units for households earning below 60% of the area median income. These units also have the potential to transition to cooperative ownership after a 15-year period.
On the other hand, Lambert Woods South is slated to include 90 units within a limited equity co-op, targeting households with incomes ranging from 60% to 100% of the area median income.
In 2020, the city of Portland sold the project site at 165 Lambert St. to Maine Cooperative Development Partners as part of an initiative to promote more affordable housing, according to a staff report presented to the board.
Construction is anticipated to commence before the end of 2023, and if all goes as planned, both Lambert Woods projects could be completed by 2025. This project reflects the community’s commitment to addressing the need for accessible and sustainable housing solutions.