What you need to know about Biddeford’s newest development

Pearl Point: Biddeford’s New Mixed‑Use Development Aims to Revitalize Downtown

A new mixed‑use development on the former Maine Energy Recovery Company site is set to reshape downtown Biddeford. The project, called Pearl Point, will bring five new buildings to a seven‑acre block where Pearl Street meets the Saco River. Developers say the complex will include apartment units, townhomes, office space, shops and restaurants—all within a short walk of the city’s historic center.

What is Pearl Point?

Owned and designed by Portland‑based Fathom Companies, Pearl Point will comprise:

• Two apartment buildings – one with 85 units (named The Orren) and the other with 52 units.
• Five townhomes located next to the Pearl Street Parking Garage.
• Mixed‑use retail and office space to serve residents and visitors.

The apartments range in price from $265,000 for a studio to $800,000 for a two‑bedroom unit. They are marketed as ownership‑only, but long‑term subletting is permitted. According to Fathom’s president and director, Jim Brady, the units are “market‑rate housing” with no deed restrictions.

Why the Development Matters

“Pearl Point is primarily focused on adding housing to Biddeford, because it seems to be what the city needs most,” Brady told the local media. The city has long struggled with a shortage of downtown housing options and a limited tax base. The project is expected to increase the tax revenue for the municipality and bring new residents and visitors into the area.

The development also aims to “fill retail spots” and “add life, energy and people into downtown Biddeford,” the developer added. By providing housing near the new Saco Island Transportation Center, the project should also support the city’s broader transportation and economic plans.

Construction Timeline

Ground was broken in April 2023, and the first phase—completed with the opening of The Orren—is slated for 2028. The rest of the project will be finished in phases, though no final completion date has been set, according to Shelby Burgau, Fathom’s development executive. Burgau also said the developer has not yet determined the total cost of the project.

Funding and Financing

The development is a private venture. Fathom purchased the former MERC lot from the city in a 2019 joint development agreement, and Kennebunk Savings Bank is financing the construction of The Orren. Because the project relies on private capital, it does not use Tax Increment Financing (TIF) money or state funds, meaning the apartments are not classified as affordable housing. Brady noted, “We’ve tried to create a livable space that is affordable in the sense that regular people can afford to live there.”

City Support and Oversight

Mayor Liam LaFountain has publicly endorsed the project. In an email to residents, he wrote, “Pearl Point represents a significant investment in downtown Biddeford and will bring new housing and activity to an important part of the city.” The project received city approval through a joint Master Plan Development Agreement in 2020 and has gone through multiple planning board approvals, with a final review completed in December 2024.

The development sits on land the city acquired more than a decade ago with the intention of replacing the old energy recovery facility. “We were looking for a project that would benefit Biddeford and add to its economic growth,” Brady explained.

Impact on the Community

Local residents and business owners have mixed feelings. Some welcome the additional housing and retail options, while others worry about increased traffic and parking demand. The development’s proximity to the Pearl Street parking garage is intended to address some of those concerns, although the project’s role in filling the garage is still under discussion.

Brady stressed that the goal is not just to add units but to “create some urban design‑forward residences that have everything you need within walking distance to everything Biddeford has to offer.” He concluded that the project’s completion will be “exciting for Biddeford” and a catalyst for further downtown revitalization.

Looking Ahead

As construction progresses, residents and city officials alike will be watching to see how Pearl Point transforms the downtown corridor. With its blend of housing, retail, and office space, the development could set a new standard for urban projects in Maine, offering a blueprint for similar revitalization efforts across the state.