Courtesy / Presidium Group
This aerial view shows the buildings on the Pepperell Mill campus.
June 10, 2022
Development of untapped Pepperell Mill building begins, while another goes up for sale
Courtesy / Presidium Group
Building 11, shown here in a rendering, will be developed into 76 apartments on the Pepperell Mill campus in Biddeford.
By Jessica Hall
Presidium Group, the real estate firm that last year bought the Pepperell Mill in Biddeford, has begun a $20 million project to develop an unused mill building into 76 market-rate apartments, and has put a smaller building up for sale.
The real estate group also has been spending $5 million in upgrades to the 10 currently developed and occupied buildings on the mill campus. The upgrades include adding a planned clubhouse and fitness area, enhanced lighting and security, repaving, replacing HVAC systems and 80,000 square feet of new roofing.
The Pepperell Mill complex currently has 152 residential units and 155 commercial units across the 10 developed buildings.
Presidium is based in Texas but has local partners with longstanding ties to Maine. The firm bought the 16-building campus with plans of upgrading the existing buildings and developing the unused portions.
Biddeford's historic mills began manufacturing textiles in the early 19th century. After the invention of automatic, machine-operated looms enabled mass production of woven cloth, the mills grew at the falls of the Saco River because of the critical resource of water power.
Six buildings in the complex remain undeveloped. The 76 residential units that are being developed are in the first of those six undeveloped buildings, called Building 11.
Three other mill buildings are planned for residential use and another building will be developed for 750 storage units.
A separate building on the campus that has 7,900 square feet and sits apart from the core mill buildings has been listed for sale at $1.2 million. It’s known as Building 30 and fronts Main Street in Biddeford.
“It wasn’t strategic to the overall mill campus. It’s perfect for a bank or a law firm. It will command a premium to sell it,” said Chris Rhoades, a partner with Presidium Group and local developer.
The market-rate apartments being built will feature granite countertops, stainless steel appliances, historical architectural features such as exposed brick and raw wood beams, as well as oversize windows. There will be studio, one-bedroom and two-bedroom units ranging from 475 square feet to 1,300 square feet, said Megan Higgins, general manager with the Presidium Group.
Presidium Group plans to start development in September with occupancy in October 2023, Higgins said.
“We are eager to begin construction for Building 11. The need for housing is as apparent as ever, with multiple inquiries received daily for the existing apartment homes at Pepperell Mill."
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