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58 Fore Street Economic and Fiscal Impact Analysis in Portland, ME

February 7, 2022

Portland, Maine, marinaThe Challenge

Portland Foreside Development Company (PFDC) is undertaking a more than $450 million, four-phase redevelopment of 58 Fore Street in the City of Portland, ME. The project will transform 10 acres of the waterfront into a mixed-use neighborhood complete with over 1.4 million square feet of residential, retail, office, event, and hotel space, parking, and a marina.

The development team was interested in quantifying and sharing the positive impacts of the project with its stakeholders, including investors, public officials, and the general public.

The Solution

Camoin Associates was retained to conduct an economic and fiscal impact analysis of the construction and operation of the project. We calculated the benefits of each of the four phases individually, as well as of the overall project upon full buildout. The analysis also included a discussion of the qualitative impacts of the development on the Old Port area.

The Impact

The analysis helped quantify and qualify how the project would transform an underutilized stretch of the city’s waterfront into a hub of economic and cultural vibrancy with positive impacts that will be felt throughout Portland, the region, and the State of Maine.

In addition to highlighting the new jobs, earnings, and sales this would bring to the city, the analysis also explored how the development will capitalize on some of Portland’s unique assets, including its cruise ship terminal and associated visits.

Findings from this analysis were used by the developer to market the project and tout its benefits to a variety of stakeholders.

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