Waterstone Properties Group Inc. has launched Rock Row, a 100-acre, mixed-use urban development on the border of Portland, Maine and Westbrook, Maine. The property is located on the 26-acre, former Pike Industries quarry, which is slated to become the centerpiece of the development area. Market Basket Supermarket, the first tenant on site, already broke ground and is scheduled for completion in summer 2019.
The project is developed in collaboration with the City of Westbrook. In March, the city council granted a tax increment financing (TIF) agreement, which will offer funding for the equivalent of $12 million in public infrastructure costs and through which, 50 percent of the tax generated at Rock Row over a 25-year span will go directly to the city.
Transformation of an industrial site
Rock Row will further lower unemployment rates in Maine, generating more than 1,000 permanent jobs and 1,500 construction jobs. Designed by Wakefield Beasley Associates, the redevelopment project will comprise:
- 750 apartments
- 400,000 square feet of office space
- 450,000 square feet of retail
- 100,000-square-foot medical and wellness campus
- hospitality and entertainment facilities
- walking, biking and running trails
The development area is positioned directly on Interstate 95, between exists 47 and 48. The Portland International Airport is roughly four miles away, while downtown Portland is a within 15-minute drive of the site.
The residential component will include studio, one-, two- and three-bedroom units, with the first 250 apartments scheduled to open in the fall of 2020. The retail amenities will feature shops, a movie theatre and a concert venue. In a partnership with The Colicchio Group, Waterstone will develop a 25,000-square-foot indoor/outdoor brewery and food hall.
“The redevelopment of the former industrial quarry site into a thriving mixed-use development will have critical ripple effects throughout Westbrook,” said Jerre Bryant, City of Westbrook administrator, in prepared remarks. “We’re excited about the opportunity to work with Waterstone Properties to facilitate the reuse of the site in a way that will unlock the potential of the local and regional economy for years to come.”
Renderings courtesy of Wakefield Beasley Associates, image via Google Maps