WASHINGTON – The city of Bangor will receive a $5,720,000 guaranteed loan from the U.S. Department of Housing and Urban Development for development of 36 acres of riverfront property along a 1-mile stretch of the Penobscot River, U.S. Sens. Olympia Snowe and Susan Collins announced Friday.

“This significant commitment from HUD will help city officials execute their plan for Bangor’s underutilized waterfront, providing better access for a variety of uses for residents of the city and surrounding area,” Snowe and Collins said in a joint statement. “River cities throughout the nation are cleaning up their waterfronts to provide new access to their waterways, and we hope that this funding will enable Bangor to realize the economic potential of this property along the Penobscot River.”

The development will create 162,000 square feet of retail-restaurant space, a 250-room hotel, a 60,000-square-foot high-tech conference center, 100,000 square feet of office development, 36,000 square feet of public and transportation terminal space, a 30,000-square-foot marina building, 310 residential units, and a second midpriced 175-room hotel.

In addition, the space will be supported by more than 2,000 parking spaces.

The project is expected to create approximately 600 full-time equivalent jobs directly, and another 720 indirectly.