An aerial view is own of the east side of Saco Island. A public auction scheduled for Friday for the Saco Island East project has been postponed until March, and could likely be canceled. FILE PHOTO
SACO — A public auction scheduled for today for the Saco Island East project has been postponed until March, and could likely be canceled, according to the attorney handling the sale.
Saco Island, once a booming mill district, is located in the Saco River situated between downtown Saco and Biddeford. The island is now home to a brew pub, a deli, condominiums, apartments, a train station and office space.
The Saco Island east property has long been vacant and spans about six acres on the eastern side of Main Street. According to city records, its assessed at $379,000.
Developer Bernie Saulnier of J & B Partners proposed a $40 million mixed-use project on the property called The Waters, which included a restaurant, boutique hotel, residential units, marinas and public space. The project needs approvals not only from the city but also from the Saco River Corridor Commission which regulates land use along the Saco River. The project has yet to receive these approvals.
The project had gone before the Saco River Corridor Commission but the issue was tabled in October at the request of the applicant who wanted to make revisions to the plan, said Saco River Corridor Commission Executive Director Dalyn Houser.
Joan Kurker, who holds a $375,000 mortgage on the property, had scheduled a public sale on the property at 3:30 p.m. today at 110 Main St. due to breach of conditions of the mortgage, according to documents filed in the York County Registry of Deeds.
Jonathan Flagg, the Portsmouth attorney handling the sale, said in a phone interview on Thursday that the public sale is postponed until 3:30 p.m. March 15 at the same location. However, he said, it seems likely that the auction will be canceled.
The borrowers are working very hard to get the necessary approvals for the project, Flagg said. If the approvals are obtained, he said, the borrower would be able to make steps toward paying off the mortgage, the auction would be canceled and the proposed project would move forward.
“Our view is that the borrower is working very hard to finish the project,” said Flagg.
He said he thinks the proposed development would be an asset to the area.
“It looks like a fantastic project,” said Flagg.
Flagg said he will be at 110 Main St. today to publicly announce the postponement of the sale.
—Staff Writer Liz Gotthelf can be contacted at 780-9015 or email egotthelf@journaltribune.com.
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