The $40 million investment converted close to two-thirds of a former cotton mill in Waterville into 65 residential units and 4,000 square feet of ground-floor commercial space.
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North River Co. — a real estate investment, development and management firm headquartered in New York City — said it has completed the first phase of redevelopment of the Lockwood Mills in downtown Waterville.
The project includes rental housing and new commercial space within the former mill, situated along the Kennebec River.
The $40 million first-phase investment converted around 65% of Lockwood Mills into 65 residential units and 4,000 square feet of ground-floor commercial space, according to a news release.
Designed for pedestrian-friendly urban living, the mixed-use development has one-, two- and three-bedroom rental apartments, including both workforce and affordable units tied to local median income levels.
Most units are complete, with occupancy expected to be completed by summer 2026. Waterville Housing Authority will lease up and manage the property for North River.
The project blends modern housing with street-facing commercial space in the downtown district, said Dan Jacques, North River’s director of Maine operations.
North River activity
North River Co. owns and operates more than five million square feet of mixed-use properties and over 300 acres of ground-up development in New York, Massachusetts, Maine, Connecticut, Vermont, Rhode Island, Pennsylvania, Maryland, Colorado and California. Over the past four decades, the company has closed on more than 40 acquisitions and disposals.
In Maine, North River’s portfolio includes properties from Portland to Bangor, including Merrill’s Wharf, Fort Andross and Hathaway Creative Center.
Cotton mill
Located at 6-8 Water St., Lockwood Mills consists of 225,000 square feet across two buildings on 3.5 acres. The buildings are at the southern end of Waterville’s Main Street commercial corridor, which was the of major revitalization spearheaded by nearby Colby College and the Harold Alfond Foundation.
Lockwood Mills, built in the late 19th century as the Lockwood Co. Cotton Mill, was vacant for many years.
North River Co. bought the mill in 2019 for $1.5 million.
Essential housing
The mill’s brick structures are listed on the National Register of Historic Places. The goal of the rehabilitation is to connect the site with riverfront amenities and the downtown streetscape.
"Housing is essential economic infrastructure, and this development directly supports the unprecedented growth and talent attraction we are seeing across the mid-Maine region," said Garvan Donegan, president and CEO of the Central Maine Growth Council. "With over $200 million invested in downtown Waterville in recent years, our core downtown district is being transformed into a premier destination for community, business, livability and investment.”
Donegan credited North River for its revitalization of the riverfront mill as a complement to the city’s growing business ecosystem and for providing workforce housing.
North River said the second phase of planning at the mill is underway, with a focus on adding up to 40 water-view residential units, the potential for further commercial uses and supportive infrastructure enhancements.
