Hathaway to change ownership with TIF agreement
File Photo / Amber Waterman
Developer Paul Boghossian outside the Hathaway Creative Center.
Hathaway Creative Center co-owner Paul Boghossian told the Waterville City Council the sale of the building is expected to be finalized on Jan. 18, the Morning Sentinel reported.
The council voted to allow a tax increment financing agreement to be transferred to the future new owner.
Boghossian said he will continue to own the adjacent buildings — the former Central Maine Power Co. building and the former Marden’s Industrial Building — and plans to redevelop those buildings with money from the Hathaway sale.
The TIF agreement was set between the city and Hathaway in 2007.
Boghossian told the newspaper that Hathaway owners have signed a purchase-and-sale agreement with a firm that has strong Maine roots and does a lot of business in Maine, but he didn’t reveal the firm’s identity.
Boghossian in 2008 transformed the former Hathaway Shirt Factory into upscale apartments, retail and offices. The development has been part of Waterville’s overall revitalization that has also included Colby College’s purchases of key properties in the heart of downtown.
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