SACO — After years of sitting vacant on Saco Island, the large former mill building known as “Building No. 4” is likely to be sold by the end of September, according to Mayor Don Pilon.
Building No. 4 sits uphill from the Saco Island Terrace condominiums, across the parking lot from the train station.
In 2007, a $100 million redevelopment project on Saco Island, consisting of combined residential and commercial space, received approval from the planning board. The proposed project, led by developer Kevin Mattson, was to redevelop former mill space and create a new townhouse development. With the downswing of the economy, plans tapered off, and Building No. 4, which Mattson had originally hoped to transform into condominiums, remained empty.
Pilon announced in a prepared statement Thursday evening that Building No. 4 is under contract to Chinburg Properties, a development company from Newmarket, New Hampshire.
The developer plans to create market-rate housing in the building, said Pilon.
“I’ve met and talked simultaneously with both the buyer and the current owner of the property, and this is just outstanding news for Saco,” said Pilon in the statement. “It resumes forward momentum on Saco Island.”
Pilon said the tentative timetable for completion of the transaction calls for a team from Chinburg Properties to outline its plans to the Saco City Council on Tuesday, Sept. 16.
“The real estate meltdown in 2008 hit Saco very hard, producing an unfortunate and frustrating delay in the revitalization of Saco Island. However, the Amtrak Station, the flourishing arts and restaurant scene in both our cities, the removal of MERC have positioned us well for this resurgence of growth in Saco,” Pilon said.
According to the listing with The Boulos Company, the building has a total of nearly 226,000 square feet over three floors plus a basement.
Chinburg Properties, according to information from the company’s website, is a development and construction firm with more than 20 years experience in Maine and New Hampshire.
Chinburg Properties also has a rental property management office that oversees rentals of apartments in former mill buildings in New Hampshire and Massachusetts.
“It sounds like an exciting development,” said downtown business owner and former Mayor Mark Johnston, and he’s waiting to hear more details.
He said Chinburg looks like it’s on the “up and up,” and he plans to visit some of developer’s apartment complexes. Johnston said he believes the proposed apartments, if they are long-term market-rate rentals, will be good for the downtown.
— Staff Writer Liz Gotthelf can be contacted at 282-1535, ext. 325 or egotthelf@journaltribune.com.
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