Mainebiz

V O L . X X I X N O. I JA N UA R Y 9 , 2 0 2 3 22 2 0 2 3 E C O N O M I C O U T L O O K F O C U S do see energy costs remaining high, and so many credit unions are offering fuel loans to help Mainers even out their expenses over the year, or install more efficient heating options." e good news is, "We also see the supply for new and used vehicles improving, and as a result, credit unions will be there with affordable financing options," he says. "As we look to 2023 and beyond, the big expansion plans will be focused on providing more digital banking, lending and payment options." Credit unions will continue to hire throughout 2023 at all levels, accord- ing to Mason, and also plan to promote from within. Management teams are often made up of staff that began in entry- or mid-level positions and move into leadership roles. "is is especially true for those who want to be part of mission-oriented organizations that make a positive impact in their communities and for the people they serve," Mason says. Founded in 1938, Maine Credit Union League is a nonprofit that pro- vides advocacy, education, and other resources to help credit unions meet members' needs. rough September 2022, the most recent statistics avail- able from Callahan and Associates third quarter 2022 performance summary for Maine Credit Unions, 732,821 residents belong to one of the 50 chartered Maine credit unions.Total assets held by the financial institutions total $11.3 billion, according to the survey, with total loans equaling $7.4 billion. D E V E L O P M E N T Rock Row expects to add new tenants in 2023 B y A n n F i s h e r T hings continue to look up for Rock Row, the $600 million, 110-acre, mixed-use development in Westbrook. Rock Row's tenants include not only retail, but also hospitality, medi- cal and housing, which are "all dif- ferent verticals when it comes to real estate," said Alexander White, senior vice president and head of leasing at Waterstone Properties Group, the developer of Rock Row. In 2023, White predicted, the Needham, Mass.-based developer is going to "finish what it started in 2022" by adding four new properties to Rock Row, which also now includes New England Cancer Center along with resi- dential housing. White, who was a Mainebiz 40 Under 40 honoree, says he's particularly excited to add Cowbell Burger to the mix next year. e location will join res- taurants in Scarborough and Biddeford. Orangetheory Fitness, a group work- out franchise, and Sport Clips, a locally owned haircut franchise, are also sched- uled to move in. White said that will leave only one space left to fill and complete phase 1, and Whitestone plans to construct a "vanilla box build-out," a short-term pop-up type of store. e new ventures will add to the mix that includes Market Basket, Chik-fil-A, outdoor retailer Recreation Equipment Inc. (REI), the Paper Store, Chase Bank, Starbucks and five other stores. Although inflation had a negative impact on Rock Row in 2022, the site still saw 27 million visitors, White said, and he expects that number to grow next year. Waterstone plans to keep on building on the success it had by hosting holiday events as a draw for shoppers, includ- ing a lobster tree and an appearance by Frosty, and host more guest experiences. In the winter "you don't really want to sit on the couch and order online," White says. When asked about the forecast for retail, White says in-person shopping is "important to shoppers overall, and attractive to consumers because it's 'more experience-driven.'" e pandemic, White pointed out, impacted certain kinds of retail posi- tively, such as grocery stores, furniture stores and home improvement. Now in year three in the multi-year project, White says Waterstone expects a full build-out "in the next couple years." "We spent a lot of time understand- ing what people in the community want to see," White says. "It wasn't just dropped in the middle of Maine." Waterstone holdings, which cover 14 states, include Kittery Outlet Center and Scarborough Art Gallery in Maine. Earn up to 5.00% APY with our Best in Market CD Rates Federally Insured by the NCUA • Equal Housing Opportunity • NMLS #411696 www.infinitycu.com 207-854-6000 » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / T I M G R E E N WAY Alexander White is senior vice president and head of leasing at Waterstone Properties Group, the developer of Rock Row. Where is Maine real estate heading? Find out at MEREDA's 2023 Real Estate Forecast Conference! Thursday, January 26 from 9-5 • Cross Insurance Arena, Portland Gold Sponsor: Silver Sponsor: Bronze Sponsors: Register today: MEREDA.org (207) 874-0801 Hear expert analysis of the 2023 forecast for Maine's Real Estate Industry, enjoy our member showcase with nearly 60 exhibitors, and network with Maine's business community. ~ C O N T I N U I N G E D U C A T I O N C R E D I T S A V A I L A B L E ~

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