Courtesy / Malone Commercial Brokers
Brandon Mitchell
Updated: May 20, 2024
Broker's report: York County is seeing commercial real estate boom
Courtesy / PORT PROPERTY
A rendering of Landing on the Levee in Biddeford, a town home and condo project that broke ground last year. The related apartment complex, Lofts on the Levee, was completed and fully leased last year.
York County is experiencing a significant surge in commercial real estate development, with major projects underway across various sectors, including mixed-use, retail, multifamily and industrial properties, according to a a new report.
Brandon Mitchell, a broker with Malone Commercial Brokers in Portland, cited a number of noteworthy projects in the region:
- Pepperell Mill, a 655,000-square-foot mixed-use campus in Biddeford, redeveloped from a historic mill complex.
- Pearl Street Parking Garage, adjacent to the Pepperell Mill, is the city's first parking garage, providing parking infrastructure to support the area's growth.
- Lincoln Hotel and Lofts, a 33-room boutique hotel and 148-residential development in Biddeford.
- The Levee, around the corner from the Lincoln, a campus-like redevelopment along the Saco River that includes retail and residential components and an onsite self-storage facility.
- The Dunes on The Waterfront resort in Ogunquit is near completion.
- The Clover Leaf Development in Saco, with 120 new apartments, is under construction. A 50,000-square-foot industrial facility is in the works on 955 Portland Road in Saco.
The region's commercial real estate boom extends beyond construction, with the addition of several notable companies and businesses in recent years, said Mitchell.
That includes Ready Seafood, Hancock Lumber, Pack Edge, Colliers Engineering, Brickyard Hollow Brewing, Spurwink Medical and Batson River Brewing.
“Looking ahead, the pipeline of projects in the planning stage promises to further transform the region's commercial landscape,” he wrote.
That includes:
- In Wells Beach, the Camp resort is in the works.
- Saco is preparing for the Park North Development, which will feature 84 apartments and 79 residential lots.
- Biddeford has the Pearl Street Riverfront District, where phase-one construction will provide 160 apartments plus commercial space for restaurants and retail.
- The 1 Diamond Development, a 500-unit apartment complex, is making its way through the planning phase,
- Building 11 of the Pepperell Mill complex is slated for conversion into 76 apartments.
“With such a robust lineup of developments, York County will become a thriving hub for commercial activity, offering a diverse range of opportunities for businesses, residents and visitors alike,” Mitchell predicted. “As the region continues to evolve, it will undoubtedly attract further investment and attention, solidifying its position as a prime destination for economic growth in Maine.”
To read the full report, click here.
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