Construction to begin soon for apartment complex at Biddeford's Riverdam Mill
Construction will soon be underway to convert two buildings at Biddeford’s Riverdam Mill to an 80-unit apartment complex.
The Journal Tribune reported that developers and Biddeford city officials held a groundbreaking ceremony Tuesday for the $15 million project, called the Lofts at Saco Falls.
The 92,000-square-foot project is expected to open in August 2016 and will include 64 one-bedroom apartments, 15 two-bedroom units and one studio apartment
The majority of the housing will be workforce or affordable housing with monthly rents for the one-bedroom apartments ranging from about $570 to $825, officials told the paper.
The development will also offer free wireless Internet, a community room, a fitness center and a heated bicycle storage room.
Nathan Szanton, managing principal of The Szanton Company, the developer, said all of the financing is now in place for the project that’s been in the works for the last three years. The city’s 2012 decision to purchase and close the Maine Energy Recovery Company’s waste-to-energy incinerator a few hundred feet from the site was a catalyst for the project, he told the paper.
The housing development is being funded by $7.5 million in tax credits from MaineHousing, $5.7 million in combined state and federal historic tax credits, $1.4 million in a mortgage from MaineHousing and a $500,000 bank loan, the paper reported.
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