ROCKLAND — A 49-unit senior housing development on Maverick Street gained final approval Monday night from the Rockland Planning Board.

Groundbreaking is expected to occur in late spring or early summer 2023 for the Peasley Park housing development.

The Board voted 3-0 at its Aug. 22 meeting to approve the project put forward by Developers Collaborative Predevelopment LLC.

The building, with a footprint of about 17,000 square feet, will be located on five acres at 118 Maverick St. The estimated cost of the development is $10-$13 million and will take 12-14 months to complete from the start of construction.

The developer will construct a 5-foot wide sidewalk from the entrance to the development to the intersection of Maverick and Birch streets. There will be a crosswalk that crosses on Maverick Street on the west side of Birch Street which will connect to a new sidewalk what will run on the north side of Maverick Street to the entrance to the Rockland Plaza Shopping Center where Hannaford is located.

There will be a pedestrian light that will flash when pedestrians push a button on either end of the crosswalk at Birch and Maverick streets.

The stormwater management plan for the project will be able to handle the 100-year storm.

Financing is being sought, in part, through the Maine State Housing Authority. The rents are subsidized, making them more affordable. Kevin Bunker, a founding principal of Developers Collaborative, said earlier this year the income limits for potential tenants would be $25,000 to $38,000 with rents between $600 and $800 per month. He said this is not so much a low income development but a housing project for people 55 years old and older, many who will likely be in the workforce.

The units will be mostly one-bedroom apartments. Each living unit would be 25-feet-by-25-feet.

The development will have a small park in honor of Bunker’s good friend and World War II veteran Leroy Peasley who died in January at the age of 97.

The Rockland City Council unanimously approved on Aug. 1 creating a tax increment financing district where the senior housing project will be built. Half of the added assessment will be returned to the developer and half will go to the city for affordable housing projects.

Having the property in the TIF district will shield it from being counted toward the city’s state valuation. That benefits the city, since the higher the city’s state valuation is, the less state education aid and less state revenue sharing Rockland would receive.

This project in Topsham is similar to what will be built in Rockland.

The Rockland Planning Board. Photo by Stephen Betts