Portland, ME Waterstone Properties Group, Inc., a Needham, Massachusetts-based real estate development company, announced Rock Row, the new name for the transformative 1 million s/f mixed-use destination situated at the former Pike Industries quarry. The site will embrace the 26-acre quarry as a natural centerpiece and foundation, combining elements of destination retail, urban living, workplaces, hospitality, entertainment, dining, wellness and recreation into one experience offering something for everyone. Rock Row will welcome Market Basket Supermarket as its first tenant, having already broken ground and opening summer 2019.
“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. “Market Basket will be the first of many unique experiences we will create at Rock Row, a mixed-use destination unlike any other in New England. We’re looking forward to continuing to work with our partners at the City of Westbrook, City of Portland, the state and the surrounding community to make our collective vision a reality. This has and continues to be a very collaborative, inclusive and thoughtful process.”
Rock Row is designed by Wakefield Beasley, an inter-disciplinary architectural design firm.
Waterstone is also curating a brewery and food hall experience in partnership with The Colicchio Group. This 25,000 s/f indoor/outdoor facility will make it possible for local vendors to showcase the best the region has to offer in craft brewing, distilling and culinary experiences.
For those who prefer spending time outdoors, Rock Row will also provide numerous ways to stay active, including offering access to lake recreation and a network of walking, biking and running trails.
Full buildout of Rock Row is slated to be completed by 2022.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.