WISCASSET (AP) – Voters overwhelmingly approved a zoning change Wednesday that allows a company to move forward with plans for a $75 million development with waterfront condominiums, retail shops, a hotel, offices and a marina.

In a show of hands at a town meeting attended by close to 500 registered voters, only a few people expressed opposition.

The vote paves the way for Point East, a subsidiary of a Connecticut company that specializes in redeveloping old industrial sites, to move forward with plans for the former Mason Station power plant.

Point East has proposed restoring the structure that housed the power plant and building single-family homes and waterfront condominiums on the 33-acre parcel on Birch Point. The project also calls for retail shops, restaurants, offices, a hotel and conference center, a culinary school and 250-slip marina on the Sheepscot River.

To make the project profitable, Point East needed voters to authorize a zone change that allows up to 179 residential units. Current zoning allows one residence per acre.

The zone change will permit greater density on the site, but Point East still needs approvals from the Wiscasset zoning and planning boards, as well as the Maine Department of Environmental Protection.

Point East officials say the development will generate about $1 million a year in taxes.

“We have an opportunity here to have more impact and bring more positive changes to this town than I’ve seen in my lifetime,” said town Selectman Michael Blagdon. “This project will create an environment that stimulates jobs and lowers taxes.”

But the zone change had its detractors.

“We need to have more than a pretty picture (of the project) and promises before we change the ordinances for this company,” Bob Blagden said.

“We are changing all the rules for this company. When are we going to change the rules for the people of this town?” asked Joan Curtis.

Selectwoman Judy Flanagan defended the zone change, saying it would not be the first time the town made a change to accommodate economic development.

“We are not taking woods and fields to do this development,” she said. “We are taking an industrial site and making it better.”

Scott Houldin, Point East’s project manager, said the development will take five and seven years to complete.

The Hinckley Company of Southwest Harbor has agreed to operate the marina, which will feature 250 to 300 boat slips.