REAL ESTATE

Million-sq.-ft. project destined for rock quarry in Maine

BY Al Urbanski

Stone from an old quarry outside of Portland, Me., has doubtless found its way into many a mall parking lot. But soon retail will be springing up on the former site of the Pike Industries asphalt operation.

Waterstone Properties has affixed a name to the million-sq.-ft. mixed use project it will build at the quarry and announced its first retail tenant. Market Basket Supermarket plans to open shop at the Rock Row development sometime next summer.

“With Market Basket’s opening at Rock Row, we are one step closer to turning the site of the old quarry into a new gateway for the community,” said Josh Levy, co-founder and principal at Waterstone Properties.

The city council of Westbrook, wherein the property resides, granted Rock Row a tax increment financing agreement, which will provide a financing vehicle for the equivalent of $12 million in public infrastructure costs. Fifty percent of the tax generated at Rock Row over a 25-year period will go to the city in an effort to spur economic growth.

At full build-out, the 100-acre project will include 450,000-sq. ft. of retail space, including a brewery and a food hall, plus more than a million sq. ft. of commercial, residential, and hospitality. Also in the works is a 100,000-sq.-ft. medical and wellness campus.

“This project is transformative for the entire region,” said Lynn Tillotson, president of Visit Portland.

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