Maine's First Luxury Rental Apartment Community Under Construction on South Portland Waterfront

Rental Applications for RiverPlace by Ram Now Available

RiverPlace by Ram, set to open in May on the waterfront in South Portland, will be Maine's first luxury rental apartment community. In anticipation of heavy demand, rental applications are now being accepted.

Developed by Ram Management Co., RiverPlace is a $17 million project featuring 136 rental apartments in four buildings on the Fore River and Mill Cove in South Portland. Residents will have expansive views of Portland Harbor and the Portland skyline and access to a number of first-class amenities, including a waterfront clubhouse. The first 24 rental apartments will be available in May 2003.

"RiverPlace fills a definite need in the Portland area for quality, upscale rental housing," said Ram Management President Howard Goldenfarb, who has developed a number of building projects noted as "firsts" in the region over the past 28 years.

Those projects include The Maine Outlet in Kittery - the first outlet mall built in New England; Foreside Common in Falmouth - the first luxury condominium development in greater Portland; and Citicorp Park in South Portland - the first suburban office park built in the Portland area.

The RiverPlace project has received an enthusiastic response from neighbors and the city of South Portland, Goldenfarb said. Part of the warm reception is due to the fact that Ram has greatly improved the 11 acre site - formerly home to unsightly industrial buildings - by removing the buildings and recycling more than 9,000 tons of concrete and asphalt for use on the property and removing another 1,000 tons of steel for recycling and use by others.

RiverPlace will include a number of features and amenities that together have never before been offered in a rental community in greater Portland or anywhere in Maine. They include individually controlled central air conditioning and gas heating systems; elevators in all buildings; spacious floor plans with private decks and patios; nine-foot ceilings; in-home laundry with full size washer and dryer; high-speed Internet connections; gated access, covered parking and building security systems.

In addition, RiverPlace residents also will have access to a waterfront clubhouse that will include a resident business center (conference room, computer and fax capabilities) and a media room complete with HDTV and a surround sound system, together with more traditional amenities such as a swimming pool, tennis court and fitness center. Residents also will be in close proximity to the Centerboard Yacht Club and Spring Point Marina.

Located off Mussey Street in South Portland, RiverPlace, designed by O'Sullivan Architects of Lynnfield, Mass., will feature one- and two-bedroom apartments that range in size from 943 to 1,477 square feet with a variety of floor plans. Some apartments will include fireplaces. Rents will start at $1,100 a month.

After the initial opening next spring, Auburn, Maine-based H.E. Callahan, the general contractor, is scheduled to complete the project in September 2003.

Rental applications can be obtained by calling (207-774-1030) or writing Ram Management Co., Inc. (121 Middle Street, #200, Portland, ME 04101). Applications also can be requested via the RiverPlace web site, www.RiverPlacebyRam.com.

# # #