N.H. firm to invest $18M in Saco mill project
A New Hampshire developer plans to invest $18 million to transform a large former mill in Saco into residential apartments and retail space.
The Portland Press Herald reported that Newmarket, N.H.-based Chinburg Properties has closed on the purchase of Building No. 4, a four-story, 237,600-square-foot former mill property on Saco Island near Route 9 that has been vacant for nearly 30 years.
The building was sold for $600,000, according to the Mainebiz Real Estate Insider.
The developer, which is known for building upscale, high-end apartments in New Hampshire and Massachusetts, plans to build retail space and 140 market-price housing units.
Before the sale closed on Wednesday, the Saco City Council approved a Tax Increment Financing package for the project. A press release from Saco Mayor Don Pilon said the sale wouldn’t have been possible without the tax incentive.
“Getting something positive going with Building No. 4 was one of the main reasons I decided to run for mayor,” Pilon said in a prepared statement. “This is a new day for what will be Saco’s biggest development project, and I’m happy that it will finally get to the finish line.”
Will Armitage, executive director of the Biddeford-Saco Area Economic Development Corporation, said in a prepared statement that the Biddeford-Saco area is experiencing an “unprecedented” level of development, and that Building No. 4’s renovation will serve as an advertisement to help attract future development to the city.
“Building No. 4 stands at the gateway to the city and its transformation will only accelerate the positive transformation of attitudes about doing business in Biddeford and Saco,” he said. “At long last, we’re seeing the white hot redevelopment that everyone knew was possible.”
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