The new owner of a mostly vacant building on the corner of Whites Bridge Road and Route 302 across from Bob’s Seafood in Windham is hoping to hear from residents about what other businesses they would like to see in that location by the year’s end.

Maggie Terry, president of Seahorse Alley, a property management company in Windham, purchased the building located at 4 Whites Bridge Road from North Windham business owner Martin Lippman on Oct. 30 for an undisclosed price.

Terry has run her business, Legal Label, out of the building for three years. It is also home to two other businesses, Sebago Trails Paddling Co. and Inspire beauty salon.

Terry, a Windham resident, is advertising several prime retail and office spaces for rent in the two-story building, which range in price from $650-$1,275 a month, plus utilities, depending on the size. But before Terry fills the spaces, she hopes to hear from the Windham community about what businesses are desired in that location.

“What does Windham want or need?” Terry said.

“This building has got so much character,” she said. “It’s a pretty nice looking building – it’s just been neglected.”

According to Joanne Mattiace, vice president of Seahorse Alley, 3,698 square feet of space is available for rent on both floors, including retail space on the first level and office space and the second floor. Some space will also be available in the basement, Mattiace said.

“We’re trying to drive interest,” Mattiace said.

Terry said she and Mattiace soon plan to give the building “more pop” by re-siding it, updating the signage and more. They hired a local architect, David Douglass, and local builder, Tom Cleveland, to help with renovations, which are estimated to cost $100,000 to $150,000.

According to Terry the location is a good fit for lawyers, therapists and accountants, and has ample parking and easy access to Route 302.

“Those who rent now will probably get a better rate from us than they will later on down the road,” Terry said.

Before selling the 30-year-old building last month, Lippman owned it for more than 20 years. According to Lippman, “a multitude of different businesses” have come and gone in that building since it first opened, such as law firms, doctor’s offices and insurance agencies.

In the 1990s the building was “always full,” he said, but in recent years it started losing tenants partly due to lack of space and the condition of the aging building.

“A lot of businesses started (there), like an incubator, and then moved into bigger spaces,” Lippman said.

Though the building itself is not conducive to growing businesses, he said that the location – just a few miles from Saint Joseph’s College of Maine in Standish and downtown Windham – is ideal, especially as more development takes place in the area.

“I think it’s the perfect location,” said Lippman, who bought the building in 1991.

Lippman has heard from residents that they would like to see a variety of restaurants, perhaps some that are more upscale, open in Windham. But he believes that the building will thrive under Terry and Mattiace’s ownership, no matter what kind of businesses they ultimately attract.

“Maggie and Joanne are going to do an excellent job,” he said. “They are going to change the building, fix it up and make a lot of improvements. They are going to add a woman’s touch to it.”

Tom Bartell, executive director of the Windham Economic Development Corp., said he didn’t want to speculate about the reason businesses don’t succeed in the location, since “every business has multitudes of reasons for succeeding or failing.”

Terry said she’s thinking of forming a committee to research how to bring new businesses to 4 Whites Bridge Road. Anyone interested in suggesting a business they’d like to see in that location can do so by visiting the Seahorse Alley website and filling out a form or by calling 894-3300.

Maggie Terry, president of property management company Seahorse Alley in Windham, stands in front of a building at 4 Whites Bridge Road in Windham, which she purchased from North Windham business owner Martin Lippman in October.4 Whites Bridge Road