Search
 

10-Year, $300M Development Moves Forward

WESTBROOK, ME-The Westbrook City Council voted to move forward with Stroudwater Place, a proposed mixed-use business, retail and recreational development.

By Ryan Clark | Updated on December 18, 2008

WESTBROOK, ME-Stroudwater Place, a proposed mixed-use business, retail and recreational development, is moving forward–thanks, in part, from a 6 to 1 vote by the Westbrook city council to approve a contract zone allowing the developers to add retail space. The developers–Jason Snyder and Arthur Emil–are planning the development to go up on 60-acres of open land in southern Maine. The development is estimated at 1.6 million square feet at a price of roughly $300 million–to be built in three phases–according to preliminary numbers from the developer. The council made its decision after nine months of inquiry and evaluation.

Snyder says, in a release, that this project will create “thousands of construction jobs and hundreds of permanent jobs. It will add greatly to the city’s tax base and provide a destination center for visitors and local residents alike.” Planned to be placed just off the Maine Turnpike–at exit 47–the development will be situated closely to Portland, ME.

The developers are looking on the positive side of the downturn, assuring that the current economy will not slow down the development. “Stroudwater Place will be developed in stages over the next eight to 10 years,” says Emil, in a release. “By the time we have secured the necessary permits for construction, as well as the financing and the tenants, we expect the economy to have rebounded.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.