In a unanimous vote the Saco Planning Board on Tuesday approved Saco Island LLC’s $100 million redevelopment plan of a 15-acre complex of former manufacturing mills. The project, of comparable size and scope to Portland’s Maine State Pier, has been under consideration and review for more than three years. The current undeveloped land has been vacant for several decades.
Construction is expected to last four years and include a combination of retail space, condominiums, marina and offices.
Last fall, Saco Island LLC negotiated $35 million in tax increment financing from Saco, the largest such deal ever made between a Maine municipality and a real estate developer.
The city also agreed to sell a piece of land to the developers for use as a parking lot, with the agreement that the city would use the proceeds to build a new train station.
Posted by: Michael Sosnowski
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Maine Real Estate
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