LEWISTON – A new 150-acre industrial park near Exit 80 got city approval Wednesday, clearing the way for the $68 million project.

Gendron Business Park Phase II was unanimously approved by the Planning Board, capping a 30-month planning process complicated by changes in state environmental rules.

Chris Branch of Sebago Technics, representing developers Gendron & Gendron, said the project needs only final approval from the Army Corps of Engineers before work can begin.

“Hopefully we’ll get the permit by the end of June,” Branch said. “We’d like to start construction this year.”

The project is the second phase of a 2003 joint development agreement between Gendron and the city. Once complete, the city will own four lots within the new park and capture tax revenue from up to 1 million square feet of new development, Branch said.

The first phase – a 9-lot subdivision that is now home to Max Finkelstein, FedEx, Cash Fuel, Fielding Oil and RF Technologies – is nearly complete with the last building under construction.

The new phase shows a 10-lot subdivision off Alfred Plourde Parkway, dotted with storm-water management ponds to handle runoff at the site. Branch said the storm-water portion of the project – which underwent several revisions – will cost upward of $1 million to comply with new state laws that protect natural habitats and improve nearby streams.

To get environmental approvals, the city and Gendron will preserve about 213 acres from future development.

“This is very positive mitigation and conservation work,” said Planning Board member Bruce Damon.

About 107 acres will be placed in a conservation easement off site at Garcelon Bog with almost 50 additional acres put in similar protection on site at the park. Another 35 acres near No Name Pond will be protected as a habitat buffer. Other scattered acres within the first phase of the development will be protected, as well.

The city is responsible for $19 million of the development cost – $3.2 million of which is extending roads and infrastructure to the project. The remaining $16 million is associated with building costs of the four lots, but city staff said those costs would likely be absorbed by a prospective tenant.

“It’s not the city’s intention to build spec buildings,” said David Jones, public works director for the city.

Gendron’s portion of the project’s price tag is $48 million.

Branch said he’s unaware of a tenant in the wings for the park, but he’s heard someone is shopping around for a site for a 100,000-square-foot building. He said in today’s market, it’s all about speed.

“We recently lost a project that went to Gardiner because we didn’t have a lot available,” he said.

To improve its responsiveness, Gendron & Gendron submitted a fully developed phase two site plan for review by the state. That means as each lot is developed, Gendron won’t have to go back for incremental approvals.

“In today’s marketplace, it’s important to reduce development costs and expedite the approval process,” Branch said.