Old Town, Maine Feasibility Study

 

What is the possibility of creating a business/industrial park in Old Town? Is Old Town well-positioned for business attraction and growth?

 

Overview

PolicyOne partnered with Camoin Associates to conduct a comprehensive feasibility and market competitive analysis for a R&D intensive commercial park being considered by the City in collaboration with the University of Maine. While the study found that the regional economy is not strong enough on its own to support another business park, Old Town’s location and partnerships make the idea a valuable one. The study specifically sites the strong engagement and partnership with the University of Maine, as well as its proximity to campus, as an asset that will allow a business park in Old Town to stand out, and likely achieve success attracting new businesses to the area. The study says that several of the University of Maine’s targeted technology sectors continue to fare well, such as bioscience, science & engineering/technical services, energy & environment, and information technology – all of which present strong opportunities for business possibilities in Old Town.

What we found

• The regional economy is not strong enough alone to fill a park and there are many
  single site options and generic park space/location options
  • Strong engagement/partnership with UMaine will allow Old Town to stand out from
  competition
  • UMaine performs fairly well on R&D indictors and science and tech as a public
  university; but key outputs for generating demand for space such as licenses and
  spin-offs are still early and pace is gradual
  • UMaine targeted tech sectors off a good opportunity and mesh well with regional
  industry strengths
  • This combined with energy alternatives will further differentiate you from other
  parks
  • A park will require - Focus, focus, focus over the long-term; a strong
  relationship/commitment from UMaine to market the site to companies they
  interact with; focused regional marketing beyond the City, and even state
  acknowledgement and support

Find out more by reading the Market Feasibility Study for Development of the City's Penny Road Park Development and check out the press release here

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