A landmark of Biddeford’s economic history will once again earn its keep, thanks the profit-making calculations of entrepreneurs, abetted by tax breaks awarded by the state and federal governments.
The Mill at Saco Falls, once known as Laconia Mill No. 1, reopened last week as a 66-unit apartment complex. After a series of owners struggled with the financial challenge of restoring the complex, developers Nathan Szanton and Robert C.S. Monks now appear to be headed for success, thanks in significant part to government loans and Maine’s generous new tax credit intended to encourage the restoration and commercial use of historic buildings.
The success of this project is expected to raise property values and encourage downtown commerce. It also provides attractive and affordable housing, thanks to a loan arrangement with MaineHousing.
The six-story building is already 82-percent leased. The impressive 19th-century brick mill is centrally located, and commands a dramatic view of the Saco River as it rushes through the confined channel of the Biddeford-Saco mill district.
As the restoration was celebrated last week, the developers focused on the importance of a 2008 law expanding Maine’s tax support for such projects. The law was enacted in the hope that restoration projects like this would provide jobs and improve the local economy.
It now seems likely that LD 262 will work just as expected in Biddeford, preserving distinctive mill architecture and revitalizing the downtown district.
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Questions? Comments? Contact Managing Editor Nick Cowenhoven by calling 282-1535, Ext. 327, or via e-mail at nickc@journaltribune.com.
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