"Focus on Building & Real Estate" piece on Saco Island LLC, a group of investors

Doug Rooks

Source

Mainebiz

Date

10-30-2006

Pages

25

Abstract

"Focus on Building & Real Estate" piece on Saco Island LLC, a group of investors who want to create townhouse condominiums with boat slips in the old mills on Saco Island. Project manager Sam Spencer would also like to land the proposed University of New England pharmacy school. Saco Island LLC has already spent $1 million for "due diligence" activities. Some town councilors have questioned Mayor Mark Johnston's enthusiasm for a Tax Increment Financing (TIF) deal that would return nearly all property tax revenue generated by the project for 30 years. With details on local developer Doug Sanford's ongoing North Dam Mill project on the other side of the Saco River in Biddeford. Besides the current artist and business tenants, Sanford would like to add residential, retail, and light-industrial space and perhaps turn the mill into an urban kayak center.

Subjects

Saco Island Development Project Saco, Saco Island, Real estate development

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