Lewiston extends developer’s option on Bates Mill No. 5
Photo / Russ Dillingham
Developer Tom Platz has received a three-year extension from Lewiston City Council to continue his $70 million redevelopment of Bates Mill No. 5.
Developer Tom Platz, who has successfully developed much of Lewiston’s sprawling Bates Mill complex, will have at least three more years to pull off the redevelopment of the largest property, a 350,000-square-foot building known as Mill No. 5.
The Lewiston Sun Journal reported that the City Council approved, in a 6-1 vote, a new agreement with Platz that gives him more time to execute the challenging redevelopment project in which he’s already invested $700,000 in studies and site preparation work.
The newspaper said Platz is now planning to tackle the Mill No. 5 redevelopment as two $35 million projects involving roughly half the building for each stage. Platz said the Auburn-Lewiston YMCA is one prospective tenant, with the University of Southern Maine, which has a campus in Lewiston, also expressing interest, as he continues lining up tenants for the project.
The agreement approved by city councilors gives Platz exclusive rights to buy Mill No. 5 for $1, but stipulates that after two years the city would have the option of selling the property to a third party showing “evidence of financing, tenant commitments and a level of investment” acceptable to the city.
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