Arundel Cottage Preserve (a developer of seasonal cottages) will be developing approximately 195 acres on Portland Road (Route 1) in Arundel. The development will consist of seasonal resort cottages and related amenities. Approximately 260 units are planned for development over an estimated seven to 10 years. Units will average 850-1,350 square feet and be valued on average at $220,000. Additionally a 9.2 acre parcel that fronts Route 1 is to be developed as commercial business/retail space (approx. 40,000 square feet).
At its June 11th 2014 Annual Town Meeting, voters in the Town of Arundel approved a Tax Increment Financing District (TIF) to support this development. We thank everyone for your support! This website offers more detailed information on the project.
Thank you to the residents of Arundel for your support of the project at an Annual Town Meeting meeting on Wednesday, June 11!
Your YES vote supports:
• New private investment valued at $58 million
• New revenues of an estimated $10 million to Arundel over the course of 25 years
• New employment: 23 full-time jobs on site, plus construction and related positions
• New spending by seasonal residents, guests and employees that will support local businesses
• Diversification of the town’s tax base adding new commercial development to balance residential growth
• Low impact on services as the seasonal cottages will add no new students to the school system and will have minimal impact on municipal services.
View the Town Meeting Warrant here.