All Press Releases for June 03, 2024
VizConnect CEO Temba Mahaka Joins Development Team Of Presumpscot Woods, Portland Maine
Mahaka, one of the few minority CEO's of a publicly traded company in the U.S. will work with the developers Mark McClure and Peter Bouchard in helping them navigate the intracies of The Green New Deal mandated by the City of Portland
as a minority myself, I see all kinds of income levels and nationalities being pushed to the wayside as the ability to obtain housing in Portland becomes harder and harder
PORTLAND, ME, June 03, 2024 /24-7PressRelease/ -- Temba Mahaka, CEO of Maine based Vizconnect is one of only a small percentage of minority CEO's of a public company in the United States, has joined the team for the development of Presumpscot Woods. A 60 unit market rate townhome "to be built community" on 14 acres off Hope Avenue and Allen avenue vicinity in Portland, Maine.
While the development will offer high quality, high-end market rate townhomes, 25% of these will be deemed "affordable" per the Portland Green New Deal ordinance and Mahaka will lead the way with its implementation.
"It's a fantastic project in a gorgeous, tree encapsulated setting abutting the Presumpscot River . Very well designed, well laid out, well-engineered, over a year and half in the making and comes at a time where the housing shortage in Portland, Maine is only getting worse, both market rate and affordable. At VizConnect Real Estate Development (A new division of Vizconnect the parent company), we see this dire need and as a minority myself, I see all kinds of income levels and nationalities being pushed to the wayside as the ability to obtain housing in Portland becomes harder and harder. I am looking forward to getting involved with the development team on Presumpscot Woods, getting this built and using this incredible project as a cornerstone for Viz Connect to develop similar developments in the State and help combat this housing crisis", Mahaka stated.
Presumpscot Woods prices will range from $485K to $685K for 3BR/2.5 bath units ranging from 1,400SF to 1,700 SF respectively. All townhomes will have their own attached garage and driveway for an additonal vehicle. Mahaka expects approvals no later than September and hopes to be in the ground by Christmas.
"Presumpscot Woods checks all the boxes from a zoning and entitlement standpoint. We have met all criteria, submitted all documentation and ready to get started with the Portland Planning Board. I am shocked it has taken so long to get traction with the City, especially with such a dire need for housing. But we are ready to get going and meet that need," Mahaka ended.
The team of Vizconnect, McClure and Bouchard bring more than $1 billion in acquisition and ground up experience to the project and have assembled a "best in class" development team.
VizConnect Real Estate Development Company, LLC, a wholly-owned subsidiary of the publicly traded VizConnect, Inc. (OTC: VIZC)
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