The new condo development will help meet the peninsula’s escalating housing needs.
Herald Square, a three-building suite of two condominiums and a 12-story hotel to be located at 385 Congress Street, is set to break ground in 2024. Reger Dasco Properties will develop the condos, and the Fathom Companies will develop the hotel. Recent advances in the project include the sale of the hotel lot to Fathom and approval of the project’s master plan by the City of Portland’s planning board. The four-phase project will transform the entire block bounded by Congress Street, Myrtle Street, Cumberland Avenue, and Pearl Street. Phases one and two will include the construction of the first 110-unit condo tower, structured parking, and the building of the 152-room hotel. The final phases will cover the construction of a second 193-unit condo tower and additional parking.
Each condo will include a host of amenities crafted to complement the walkable urban lifestyle that’s earned Portland’s ranking as one of the top ten US cities for safety and quality of life. Features will include elegant interiors, high-efficiency heating-cooling systems, state-of-the-art appliances, and use of a fitness center, garage parking, and lobby concierge. Herald Square’s central location in the Portland peninsula will grant its residents easy access to the heart of Maine’s most celebrated city. Whether attending a concert at the renowned Merrill Auditorium, visiting galleries in the arts district, or shopping and dining in the legendary Old Port, all will be a short stroll from Herald Square’s front door.
When Reger Dasco’s operating partner, Joe Dasco, is asked about his vision for the city’s latest residence, he shares thoughts on the benefits it will provide for its neighbors. “Reviving a space that currently houses a defunct printing press, creating an urban pocket park open to the public, and increasing the tax base that supports the city from $5M to over $200M are just the most visible aspects of the way Herald Square will enhance the Portland community,” says Dasco. “We’re helping to meet the housing need in a time of very limited inventory. Our owners are drawn to the safety and sensible scale of Portland. In an era when you can work from almost anywhere, Portland is at the top of the list. We’ll also be helping to meet a desperate need for workforce housing by either providing funding for the city’s housing fund or building workforce housing to meet this project’s inclusionary zoning requirements.
“And there are other enduring advantages Herald Square will grant our community,” concludes Dasco. “These new Portlanders will be exploring and enjoying all our city has to offer every day. The kind of new bonds they’ll make with local institutions, businesses, charities, and friends as they do are the lifeblood of any town.”
About Reger Dasco
Reger Dasco Properties is a Portland, Maine-based developer specializing in high-quality residential developments and mixed-use projects. Herald Square represents the company’s latest commitment to developing properties that honor Portland’s rich heritage while meeting the growing needs of this singular seaside town.
Principal, Reger Dasco Propertie