Saco Island scraps condos for apartments
Saco Island LP has scrapped its plans to sell condominiums at its Island Point development, and will instead sell apartment units in one of the former mill buildings.
At a Saco City Council meeting last week, Saco Island COO Bob Martin said the proposed redevelopment would now include high-end apartments rather than condos, due to a slow condo market anticipated to continue for the next few years, according to the Journal Tribune in Biddeford. The developer also wants to put the buildings on the state historic registry to receive a 20% tax credit, which requires the property have the same owner for five years. After that five-year period, the apartments would be converted into condos, and tenants would be given a discount to purchase the unit.
The switch triggered some opposition from city officials and residents of the neighboring Island Terrace building, who are concerned that the development would stray too far from its original proposal and that the apartments would not match the neighborhood's existing character, according to the paper. Saco Island acquired the property in October 2007.
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