Promenade Towers
Portland's Premier Waterfront Address
Our Property (Go direct to
snapshots)
History
Our property at the corner of Walnut Street and the Eastern Promenade has recently been described
by visitors as brand new. It’s easy to see how people would make that assumption. Our buildings were constructed in 1975 but we have just completed extensive renovations to the exterior, grounds, and interior common areas. When new, the property was advertised as the first high-rise condominium in the state of Maine. The buildings are equivalent to a 14-story building in height and their location on a hilltop affords magnificent views.Units
There are 80 individual units: 64 have 2-bedrooms and 1½ or 2 baths, totaling about 1,320 square feet; 8 on the first level have 1-bedroom and 1-bath; and 8 on the 5th level are 3-bedroom penthouse units. Some 32 units have private decks. There are seven basic floor plans (See floor plan designs here).
The units are all-electric. Each has its own heat and air conditioning and its own laundry room. All units have some stairs. Two elevators are located in the center tower that connects the two buildings. Emergency stairwells are located next to the elevators and at the opposite ends of the two buildings (three total). Each unit has one assigned, covered parking space. There is ample uncovered parking (in two lots) for second cars and visitors.
Building Design
Our two buildings are arranged in an "L". The heated swimming pool is located on the inside of the “L” and the parking garages and driveways are on the outside.
At the new main entrance, a large and comfortable lobby welcomes residents and visitors. A cozy fireplace makes it very inviting in the winter. Inside the lower, ground-level entrance is the mail room (mail, newspapers, and deliveries) and the office.
The residential units are on five levels with a unique design that allows the interior hallways to serve residential units above and below. This reduces the area devoted to hallways by 50 percent, reducing the cost of heating, cleaning and maintenance by 50 percent as well.
Unit numbers range from 111 to 258. The numbering is easily understood but not intuitive. The first digit is the Building number, 1 or 2. The second digit is the level number, 1 to 5. The third digit is the unit number, 1 to 8.
Renovations
Between 2005 and 2008 our buildings and grounds were extensively renovated at a cost of over $3.8 million derived from the reserve fund and a one time assessment. This included completely rebuilding and sealing the exterior walls to modern engineering standards; all new high-efficiency windows and doors; repaved driveways and parking lots; a new modern entryway; new ornamental plantings; new access and video security systems; and new common area redecoration including painting, artwork and furniture. The roof on both buildings was completely replaced in 2001-2002.
Before (6/14/06) and After (6/14/10) from Portland Observatory
Amenities
Our swimming pool, which is heated in the summer, is located in the large rear lawn and can be seen from the windows of all units. Umbrella tables, chairs and lounges surround the pool, a picnic table is just outside the pool area.
Our new 700 square foot fitness center is equipped with treadmills, elliptical trainer and recumbent bike for cardio exercise. We also have a universal gym, weight bench and dumb-bells for strength training. A large floor area, exercise balls and a ballet barre are available for stretching, yoga, etc.
The interior common areas include a large community room and library for condo-wide meetings and parties. They may also be used for private parties at no charge.
The library has a wide selection of books, current magazines, VHS and DVD movies – all free for loan to residents. There is also a computer with 24/7 Internet access for residents and their guests.
Security
Exterior Doors: The buildings are locked at all times. Entrances are opened by electronic passkeys called fobs. Each resident is assigned a personal fob. Every entrance into the building is digitally recorded with location, time and fob number. If a fob is lost or not returned when a resident moves out, it is permanently deactivated in the computer.
Unit Doors: Each unit has an individual electronic digital lock which is programmed by the resident with as many (maximum of 18) or as few access codes as desired. In addition, for emergency use, all unit doors are keyed to a mechanical residence master.
Video Security: Parking lots, exterior doors, elevator lobbies and other areas are recorded on digital closed-circuit TV, 24-hours per day.
Emergency Systems: An emergency electrical generator automatically starts upon loss of electrical power and provides power for elevators and common area lighting. Fire sprinklers are installed in all common areas and planning is ongoing to add sprinklers into each unit. Building construction is of concrete, steel, brick and cinder block.
Capable Association Management
Our association is managed by a seven-person Board of Directors with the Directors being elected by the owners. The staff includes an Office Manager and a full-time Building Superintendent. Outside contractors provide housekeeping, landscape, and snow removal services.Responsibly Managed Finances
Monthly fees vary by unit size and location but average approximately $315 per month. Included in this fee is all the maintenance of common areas, insurance, water, sewer and trash removal.Total income for the property includes the unit fees plus payments by companies leasing rooftop space for cell phone antennas. Approximately 22 percent of total income is deposited in the reserve fund to pay for future replacement and repair of big ticket items and for other capital improvements.
Fees can be expected to increase annually at the approximate rate of inflation.
