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Economic & Fiscal Impact of Portland Foreside Mixed-Use Development

March 29, 2021

The Challenge

Portland Foreside Development Company (PFDC) is undertaking an over $450 million, four phase redevelopment of 58 Fore Street in the City of Portland, Maine. Known as Portland Foreside, the Project will transform 10 acres of the Portland waterfront into a mixed-use neighborhood complete with over 1.4 million square feet of residential, retail, office, event space, hotel space, parking, and a marina. The development team was interested in quantifying and sharing the positive impacts of the Project with various stakeholders including investors, public officials, and the general public.

The Solution

Camoin 310 was retained to conduct and economic and fiscal impact analysis of the construction and operation of the project. Camoin 310 calculated the benefits of each of the four phases individually, as well as the 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 will 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 greater 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 visitation. Findings from this analysis were used by the developer to market the Project and tout its benefits to a variety of stakeholders.

 

 

Photo by Mercedes Mehling on Unsplash