The Downs, Rock Row developers share projects' state of play, expected impact
Photo / Renee Cordes
Josh Levy, left, of Waterstone Properties and Roccy Risbara, of Crossroads Holdings Inc., talk about their mixed-use development plans at a Portland Regional Chamber of Commerce event Wednesday morning.
Developers of The Downs in Scarborough and the Rock Row complex in Westbrook shared insights into their projects at a Portland Regional Chamber of Commerce event Wednesday morning, including what they see as the biggest challenges and opportunities.
"We've done many projects over the years, but 525 acres is virtually unheard of for a development project in southern Maine," said Roccy Risbara, president of Risbara Bros., the Scarborough-based construction company he owns with his brothers, William and Marc.
They formed Crossroads Holdings Inc. with another set of local brothers to buy part of the Scarborough Downs property in 2017 and embark on a project Risbara describes as "transformational, innovative and balanced."
Josh Levy, principal of Needham, Mass.-based Waterstone Properties, told a similar tale of scrapping plans for a Walmart Superstore in Westbrook in order to develop 100 acres — including a 26-acre quarry — into "a unique experience set in stone." The property includes a 122-room Element by Westin hotel slated to open in 2022.
Addressing more than 450 people gathered at the Holiday Inn By the Bay, both developers spoke of the projected economic benefit of their projects, as well as the importance of creating what's needed.
"We don't want to build something that nobody wants," said Risbara. That includes offering commercial space that promises to broaden the town's revenue tax base, which is currently 77% residential.
He also said developers focused on a blend of housing in Phase 1, with 10% meeting Scarborough's requirement of providing affordable housing. No one else in town had previously "cracked that nut," he said.
On a lighter note, Risbara noted that while public input on the project is welcome, he and his brothers can't go grocery shopping without being approached by someone with a suggestion for The Downs.
"Keep the questions and comments coming," he said, and gave a shout-out to the town for the mixed-use zoning that paved the way for a project.
The Downs includes 126 residential units that were built and sold in 15 months; an 80-acre "Innovation Park" with 54 lots, of which two are built and another nine are under contract; a town center, which will be a first for Scarborough; and access to transportation and transit.
Risbara said construction there of a new operations center for WEX Inc. will start this fall, calling the corporate payments provider "a terrific anchor tenant that's going to help us start with the downtown."
Risbara said The Downs is projected to bring around $615 million in new economic value to the town and help create 4,000 jobs, while Waterstone Properties' Levy said Rock Row hopes to generate close to $6 million a year in taxes or $5 million more than today.
Levy also emphasized the developer is involved for the long term, and that one of the biggest challenges is answering questions about whether the project is going to happen.
He said he's excited about a lot of its aspects, including turning the quarry into a "real cultural amenity," installing an on-site concierge staff to "provide a welcoming experience," and office and tech space that may help lure businesses to Maine and the area.
"If we can provide space and training," he said, "I think that's our best source of talent for the long term."
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