CUMBERLAND — The Planning Board on July 30 unanimously approved a proposed housing development along U.S. Route 1.

The Town Council in January approved a contract zone agreement and land sale for the Foreside Village development, where a 46-lot subdivision will be created on an approximately 27-acre parcel between Route 1 and Interstate 295.

Developer David Chase, who had difficulty selling the property for commercial use, opted instead to carve the land into smaller pieces suitable for housing.

Chase plans a two-phase project.

The first phase would include construction of 45 single-family homes, along with an access road from Route 1 and the subdivision road, according to Town Planner Carla Nixon. The second, for which a development plan has not been finalized, could comprise the construction of 32 apartments on the 46th lot.

Chase received Planning Board approval for that lot on May 19.

Construction on the first phase will start immediately, and could conclude in three years, according to engineer Tom Greer.

The homes are to be sold at market rate, around $299,000 to $350,000, while the apartments could rent for about $1,500 a month, Town Manager Bill Shane said earlier this year.

The council in January also approved the $310,000 sale to Chase of a town-owned lot on Route 1, next to Seafax. About two-thirds of the roughly eight-acre parcel is wetlands, while the rest might be suitable for development, Shane said.

The sale price matched the value of the property as determined by an independent appraisal.

Alex Lear can be reached at 781-3661 ext. 113 or alear@theforecaster.net. Follow him on Twitter: @learics.

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The 45-lot Foreside Village housing development is in the works along U.S. Route 1 in Cumberland.