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V O L . X X V N O. V I M A R C H 1 8 , 2 0 1 9 16 Rock Row developers will invest $14 million to upgrade transportation links W E S T B R O O K — Developers of the Rock Row project in Westbrook have secured $14 million in bond financing for the two million-square-foot mixed- use development in an agreement that will pay for public infrastructure work that includes upgrades to Maine Turnpike exits 47 and 48, local intersections and other public infrastructure. e financing involves a tax financing district approved by the city of Westbrook last year, as well as a lease agreement with Greater Portland Metro, approved by the transit district's board of directors in December. e state Department of Economic and Community Development also played a role. e Finance Authority of Maine in December approved the bond issue for the Dirigo Center Developers LLC, which is the company formed to develop the project by Waterstone Development of Needham, Mass. In the Revenue Obligations Security Program under which the bonds are issued, FAME acts as a conduit for borrowers to get access to favorable interest rates in projects that help stimulate the economy. e bonds issue depended on public involvement, which is where the public infrastructure and the Greater Portland Metro partnerships come in. e city of Westbrook last year agreed to a tax increment financing district that allows 50% of the tax generated at Rock Row to go back to the city for 25 years. South Berwick developers shift focus to Augusta residential properties A U G U S T A — A deal for a large portfolio of residential buildings in Augusta is a move north by South Berwick property developers. Real estate development company Remington Street Properties, owned by Jim and Rebecca Henry of South Berwick, bought 154 mostly residential units in 19 buildings from River City Realty, in Augusta, owned by Larry Fleury. Remington Street bought the portfolio for $3 million, closing Feb. 8. Kevin Fletcher and Patrick Casalinova of Northeast Commercial Brokers at Keller Williams Realty represented the Henrys in the deal. e Henrys, who have been involved in the software industry, are co-found- ers of Remington Street Properties. Remington Street Properties has gone into high gear over the past four or five years, buying and selling properties in Portland. With the Augusta portfolio, the Henrys own 35 residential proper- ties, ranging from large buildings with 20-plus units to one-unit condos, in Massachusetts, New Hampshire and Maine. "We've been opportunistic in Portland," said Rebecca Henry. "Now we're mov- ing from a known growth area to Augusta, which we feel is up and coming. We're shifting our investments where we saw a greater potential for growth." » C O N T I N U E D F RO M PA G E 1 4 R E N D E R I N G / C O U R T E S Y O F WA K E LY B E A S L E Y & A S S O C I AT E S Rock Row is a planned mixed- use development in Westbrook. The developers received $14 million in financing to upgrade roads and other infrastucture leading into the property.

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