Biddeford’s proximity to Portland and other markets as well as its moderate real estate prices are getting the notice of investors, who are financing several downtown projects.
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Biddeford’s proximity to Portland and other markets as well as its moderate real estate prices are getting the notice of investors.
Construction of a mixed-use development that includes a hotel in the former Lincoln Mill in downtown Biddeford is officially underway, as of early October. The Lincoln, at 17 Lincoln St., is being developed by the site’s owner, Tim Harrington of Kennebunk-based LHL Holdings, and Eric Chinberg, of Chinberg Properties of Newmarket, N.H. Harrington bought the 240,000-square-foot mill for $2.5 million in 2015.
The project, originally expected to cost $40 million and to be completed by next year, was delayed as developers put together financing that would include historic preservation tax credits and other incentives.
Once built, the development will include 148 market-rate apartments, a 33-room hotel with a rooftop pool and bar, a 5,000-square-foot restaurant, an 11,000-square-foot gym and 7,000 square feet of commercial space.
Chinburg is no stranger to mill developments — he owns 15 mills in New England, the most recent the Continental Mill in Lewiston, which he bought in July. He also owns the nearby Saco Mill 4, which he bought in 2014 and converted to 150 units of market-rate apartments and 30,000 square feet of commercial space. It opened in 2017. He also owns the Dana Warp Mill in Westbrook.
Redevelopment hot spot
The project is also one of several in the Lincoln Street area in downtown Biddeford, where the city in 2009 created a master plan for developing 2 million square feet of mill space, as well as the city’s former incinerator site. The plan at the time called for public-private partnership for mixed uses in the space, as well as parking and a riverwalk.
There are plans for a 640-space parking garage at 3 Lincoln St., the site of the former Maine Energy Recover Corp. incinerator.
In April, Portland developers Jim Brady and Brian Eng reached an agreement with the city to develop a portion of that site as retail, residential and office space.
The city also approved plans in April for redevelopment of the Riverdam Mill, across the street, a mixed-use development that will include workforce housing.
A recent housing deal
Southwood Court Townhouses, a rental-housing complex in Biddeford, sold for $3.6 million — a substantial price tag that reflects growing residential demand in the city.
An unnamed Connecticut investor, trading under the limited liability corporation 24 State LLC, bought 24 State St. from TNT Associates in a deal that closed Sept. 11. Southwood Court Townhouses consists of four stories in a U-shaped 53,188-square-foot building with 34 two-bedroom townhouse units and eight three-bedroom townhouse units. The structure was built in 1920. There are 90 parking spots. The lot is 1.8 acres.
The $3.6 million price tag is big for Biddeford, said F.O. Bailey Real Estate broker Thomas Gadbois, who brokered the transaction on behalf of both buyer and seller.
“Prices are going up in Biddeford,” he said. “People are looking to move to Biddeford because Portland is getting so expensive. So there’s a tremendous amount of upside.”