Photo / Tina Fischer
Building 17 will be one of the Pepperell Mill structures that will see a conversion from apartments to condos.
January 7, 2025
Conversion to condos will start this spring at Biddeford mill complex
Photo / Tina Fischer
More than 150 apartments will be converted to condos at the Pepperell Mill complex in Biddeford.
By Tina Fischer
The conversion of 154 apartments into condos at the Pepperell Mill complex in Biddeford will get underway early this spring after the city agreed to ease a short-lived moratorium on turnovers at the property, which is owned by the Presidium Group.
The Biddeford City Council had enacted a six-month moratorium in October over concerns that the loss of such a large number of rental units could further strain an already tight housing market. But in early November the council voted to accept the project, after mill owners agreed to offer a host of tenant protections and benefits for residents who purchase. The moratorium remains in effect for other conversion projects of eight units or more in the downtown district.
Mayor Martin Grohman read a statement at the Nov. 1 council meeting where the exception was issued, which said, in part: “This collaborative effort underscores our commitment to protecting tenants while enabling responsible development.”
The conversions are spread over four buildings: 15, 17, 18 and 35. Tenants will have the option to remain for three years, and will receive 180 days notice to vacate if they don’t purchase. Future annual rent increases are capped at 5%, and they'll receive relocation assistance and payments starting at $1,000.
Residents can opt to purchase before the units are listed, at “an off-market price.” They’ll receive a 3.5% credit at closing, their last month’s rent will be free, and they’ll have the opportunity to qualify for a 90% mortgage with Androscoggin Bank. Presidium will also make a $500 contribution per unit to the city’s Affordable Housing Trust Fund, an increase of $150 over the standard required contribution.
Presidium recently closed on a $31 million refinance for the project through Miami-based GenX Capital Partners and Tryperion Holdings, a real estate investment firm based in Beverly Hills, Calif. Total interior space for the 16 buildings is 933,963 square feet.
Costs for the condos will average $500 per square foot, according to Pepperell Progression LLC’s general manager Megan Higgins. “The median price … is $441,888. Prices start at $202,000, and 64% are priced under $500,000,” Higgins said. They’ll range in size from 400 to 1800 square feet; one penthouse is 3,500 square feet.
Photo / Tina Fischer
Building 15 at Pepperell Mill
Long history
The 17-acre sprawling mill complex is perched along the Saco River and dates to the early 1800s. Rental units feature oversized windows, tall ceilings, hardwood floors, exposed brick, and high-end kitchens. Upgrades will be largely cosmetic — paint and lighting — according to Higgins, and will be handled by the current building maintenance team.
“We also plan to build nine more condos in a vacant undeveloped area within building 15, which will bring the total units for sale to 163," Higgins said.
An additional 76 apartments will be coming onto the city’s rental market this winter in mill Building 11, owned by Chinburg Properties, based in Newmarket, N.H. The owner of Buildings 19 and 20, 1921 Pepperell LLC, is seeking to develop 60 more apartments. The mill campus is also home to approximately 150 small businesses, including light manufacturing, law offices, a museum, food retailers, artists, and a brewery; those spaces are not included in the conversions.
The Presidium apartments were built over the course of a decade starting in 2009 by previous owner Doug Sanford. Presidium, headquartered in Dallas, purchased the mill complex in 2021, the fourth property in its Maine portfolio. Chris Rhoades, Andrew Preston and Will Andress steer Presidium’s projects here, which include the Time and Temperature building and 45 Brown St. in Portland, and 600 condos and apartments at Brunswick Landing.
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