PORTLAND business owners have welcomed an announcement of bold plans for a redevelopment of a sprawling lakeside site in the village between Bathurst and Lithgow.
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The Foundations Portland - which occupies the site of the village's former cement works - has announced that it is in talks with potential development partners and accommodation providers.
The company's plans include the release of land for residential and commercial purposes and an ambition to position Portland as a Sydney weekend destination, arts and events hub.
The 86-hectare Foundations site, comprising a group of heritage-listed industrial buildings set among limestone lakes in Portland's town centre, underwent an extensive clean-up after cement operations ended before being acquired in 2014 and rezoned for residential and commercial use.
Foundations Portland reactivation manager Rich Evans said the project will be privately funded.
"We're not getting any state government funding. There are funds out there that are available for these types of things," he said.
Cheryl Millmore, owner of Portland's Signature Framing, said the redevelopment at the Foundations would encourage others to start a business in the village.
"I think it will be a good thing for my business and for the community and any of our businesses. I think it will be good for any other business growth as well," she said.
"With the increase of residential, then people take that chance to open a business and create more businesses in the town and the more businesses we have here, then the greater the community will benefit."
Coronation Hotel owner and licensee Geoff Gynn said he would expect the redevelopment would bring more patrons for the pub, while Portland Newsagent owner Margaret Downey was similarly hopeful of a boost to trade.
"It will help the town grow a bit more," she said.
"Hopefully it will draw more people through the door [of the newsagent]."
The Foundations plans to release 300 blocks of residential land over the next six years, with the first 20 to be available at the end of this year.
It is seeking to find an "accommodation partner" to participate in a release of lakeside land and is also "engaging with hospitality operators, artisan retailers and food and beverage manufacturers for the adjacent heritage precinct".
The Foundations Portland director and site owner Martin O'Connell said the vision is for Portland to recapture the boom of the cement works heyday, while looking to the future.
"Drawing on a unique industrial heritage, Portland has reinvented itself as a cultural hub, attracting visitors to a busy events calendar, as well as permanent residents seeking a tree-change to more affordable housing in an area of natural beauty," he said.
"With regional tourism booming and many operators looking to broaden their portfolios into sustainable regional destinations with consistent visitor flows and value for their investment, we're confident our proposal will resonate.
"The plan for The Foundations also aligns with the work underway to drive the economic transformation of the greater Lithgow area."
That transformation includes plans for a big battery at the nearby former Wallerawang power station and plans for a pumped hydro project at Lake Lyell.
The cement works at Portland opened 160 years ago and operated until 1991 and is now the site of a towering mural created by artist Guido Van Helten in 2018.