Typically, this time of year I act like an economist foretelling the future with greater and greater accuracy by presenting the prior year’s history of condonomics. I often address average condo sale prices and days-on-the-market data. Not this year. The past is not the story. Instead, we should focus on 2026 and the mega-condo developments on the immediate horizon.
Greater Portland and Cumberland County have always been the epicenter of Maine’s condominium trends, and this southern Maine area has been punching above its weight with its competition in Boston and New York. It always leads in Maine real estate sales prices; volume of transactions; and new models of community living. It was no surprise that the median Cumberland County home price in 2025 was $606,000, up 8% over last year with home unit inventory lasting only 34 days on the market. What is notable is that 2026 will see the culmination of several mega greater Portland real estate projects in both the condo and commercial sector that will have ripple effects throughout Maine. Let us consider a few.
Hearld Square Redevelopment: Finally, this prime piece of Portland real estate will no longer be idle. This former site of the Press Hearld printing press facility and ancillary parking lots located at 350 Congress Street will begin its transformation in 2026. Following its approval by the city in 2022, this long-delayed $300 million-dollar mixed-use commercial development will break ground. The first phase will include a 14-story condominium complex containing 110 units with later phases adding an additional 187 units. Complementing this will be a 12-story tower hosting a 156-room luxury hotel with 11,600 square feet of retail and 5,100 square feet of restaurant space.
The site’s prominent location, anchoring the east end of downtown, will feature a wide range of amenities for the public including green and gathering space for future public events and a walking promenade. Its proximity to nearby Merrill Hall and City Hall as well as a short walk to the Olde Port and Arts District will be a draw for both visitors to the city and future residents.
Rock Row: With $600 million dollars already committed, this will be one of Maine’s largest mixed-use commercial developments on a 110-acre site off I-95 just minutes from the Portland Peninsula and downtown. Begun in 2020 with an 8,200 outdoor entertainment venue, this former rock quarry property sits on the western border of Portland and the City of Westbrook. The planned resort-style amenities will serve as a model of future suburban development with a theme of live, work, and play in one walkable location.
Complementing the recently completed Maine Health medical campus with its New England Cancer Center will be the planned 100,000 square foot conference and event center. 2026 will witness the beginning of the construction of a condominium complex of
1,200 reasonably priced condo units to utilize the retail, restaurant, and commercial spaces to be adjacent to the existing water park.
Portland Foreside: This $660 million-dollar 2026 development on Portland’s eastern waterfront will replace the idle 10-acre industrial facilities falling into disrepair. The site will host a luxury multi-million-dollar condominium complex of 400 units with a mix of ocean front condo units and townhouses. In addition, a 128-room luxury hotel is being built on the waterfront complimented by retail, restaurant, and public market spaces. Adjacent to the site will be a marina with docks and associated amenities.
Most interesting is the development will have 60% of the land dedicated to public spaces including family-friendly parks and shoreline walking trails connecting the Portland’s comprehensive plan of expanded shoreline access to the public.
246 Eastern Promenade: Near Portland Foreside and up on Munjoy Hill another new condo complex is starting in 2026. It will feature a contemporary-style 4-story building housing thirteen luxury condo units with offered prices starting at $1.8 million with occupancy expected in the fall of this year.
Bayside Master Development Plan: On the other side of Portland Peninsula the former mix of industrial and commercial buildings sitting underutilized for years has come to life with the 10-year comprehensive plan to create affordable housing of condos and apartment units with retail and other commercial opportunities. This mega project of hundreds of millions of dollars of local investment will be in full swing in 2026 with its prime location being in walking distance to downtown, the Olde Port, and the Fore River and Back Bay waterfronts. This project will follow the city’s desire to provide reasonable housing for the city’s workforce while meeting increased urban density needs as available Peninsula land decreases.
Stroudwater Commons: Though our focus has been on mega and luxury condo projects in Portland the lack of starter homes and affordable housing should not be ignored. One project to note addresses this important issue. Stroudwater Commons on Congress Street is breaking ground in 2026 near the Jetport. This project targets first-time buyers with a starting price of $250,000 per unit. The development of 3-story buildings with 130 condo units and 26 ADU (Additional Dwelling Units) is unique. The complex will feature a wellness center and co-worker space for remote workers. It will be the first large scale Maine housing project using the 2022 law (LD3003) allowing condos to have ADU units available for in-laws or other reasons to create more affordable housing for larger families. Hopefully, its success will breed similar projects in Maine’s housing future
Written by Jack Carr, P.E., R.S., LEED-AP, Senior Consultant Criterium Engineers
Published in Condo Media