The recession has delayed the 60-acre mall proposed in Westbrook, but the developer says the project, which would become the state's largest shopping complex, has not been scrapped.
Jason Snyder, the developer behind the $300 million Stroudwater Place, says the recession has delayed the project by nine months to a year as potential tenants are hesitant to commit to signing a lease. But he is confident that the project will get back on track this fall. "It's a tough economy, but come fall things will start to uptick," Snyder tells Mainebiz. "That's what we're seeing, so you'll start to see things move around late fall. But, in the meantime, it's a matter of staying the course."
Keith Luke, Westbrook's economic development director, says "given the economy" he does not expect Snyder to submit a planning board application for the project anytime soon. But he echoes Snyder's comments. "It is going to happen whether its name is Stroudwater Place or something different, and whether it happens to be in Scarborough or Westbrook, it will happen over the next 15 years," Luke says. "The Maine Mall is at end of its retail life cycle. It will be replaced at some point and Stroudwater Place right now is the most visible opportunity for that eventuality to happen."
The Westbrook City Council in October unanimously approved a zoning change to pave the way for the $300 million Stroudwater Place. Snyder and his partner, New York developer and lawyer Arthur Emil, proposed the project in February 2008. The proposal includes 1.65 million square feet of retail, office and recreation space, while the Maine Mall has 1.2 million square feet of retail space.
Sign up now to get statewide business news each day with the Daily Report