Historic building in Richmond sold to developer
A historic downtown Richmond building has been sold to a developer who plans to renovate it into apartments and commercial units.
The Kennebec Journal reported that Les Fossel, a former state legislator and the owner of a restoration and historic preservation company in Alna, bought the Hathorn Block on Tuesday from a New Hampshire-based company for $1.
Fossel plans on adding retail space on the first floor and market-rate apartments on the top four floors in a brick building near the town’s riverfront, the paper reported.
He plans on funding the first phase of exterior work with two, $110,000 loans from the town of Richmond’s revolving loan program and from Coastal Enterprises Inc. That work is expected to be completed by the end of the year. The second phase, the interior work, will cost an estimated $2 million and be funded by federal and state tax credits and loans, the paper reported.
If all goes as planned, the project will be completed in 14 months, the paper reported.
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