Joseph Italiaander / August 29, 2023
It’s no surprise that it’s been another busy year thus far in Southern Maine, particularly on the Route 1 corridor in Saco.
The long-awaited development at 507 Main Street has finally kicked into high gear, with both Chipotle and Jersey Mike’s open for business. All reports indicate that the QSRs (Quick Service Restaurants) are experiencing tremendous visitor counts and support from both locals and summer tourists. The development has been a fantastic addition to Saco’s dense retail corridor.
Heading north – The Portland Road Saco corridor has seen a flurry of recent development and planned development activity. Notably Ziggi’s, a national coffee brand, has purchased a nearly 1-acre site at 991 Portland Road, which will serve as their first Maine location.
Sticking with the coffee theme, Aroma Joe’s has also purchased a site along Route 1 at the corner of Cascade Road. Expect both Ziggi’s and Aroma Joe’s to break ground on construction soon!
Saco’s activity this year hasn’t just been limited to retail development – Kerry Anderson’s residential project at 990 Portland Road is expected to bring over 100 rental housing units to the area. This is in addition to the newly completed units across the street at Cascade Falls. Construction is well underway on the project.
Overall, it’s encouraging to see so much development activity in Saco, especially in the face of uncertain economic conditions such as heightened interest rates and construction costs. Even more impressive is that these developments are spanning all along Route 1 – including areas of Saco that were previously underdeveloped. Personally, I am excited to see more development activity as we get into Q4 and beyond!
We’ll send you a concise email newsletter once per month featuring CRE market updates, and a transaction report telling you who’s buying what and who’s moving where in Maine & New Hampshire.