Revised plans nearly double apartments in Lincoln mill redevelopment
A developer looking to convert the former Lincoln Mill location in downtown Biddeford into an 80-room hotel and 96 loft apartments has postponed the hotel portion of its project to instead nearly double the number of apartments it had originally intended to build.
The Kennebunkport-based development firm LHL Holdings has asked Biddeford city officials to approve a new site plan that would increase the number of apartment units from 96 to 181, according to The Portland Press Herald.
“As updated market studies were completed, we drilled down into the data and it became apparent that the demand for new market-rate apartments is greater than we anticipated,” Tim Harrington, a partner in LHL Holdings, said in a prepared statement. “It’s much better for everyone if we make this adjustment now, rather than too far down the road.”
The proposed hotel development would be pushed-back to a further date and would be constructed at property located adjacent to the former mill.
In addition to the residential areas, the proposed development would be home to a 10,000-square-foot gym, a 107-seat casual restaurant and 18,000 square feet of commercial space. According to the Press Herald, it’s likely that Kennebunk-based Quest Fitness will be operating the gym location. Currently, there are no tenants stepping forward for either the restaurant or commercial space.
If the newly revised plans are approved by city officials, the value of the project would jump to $62 million to $65 million, up from the currently proposed $50 million value.
Read more
Scarborough developer plans 54-unit apartment complex
LHL Holdings gets green light for updated mill project
Most Recent
Most Recent
Comments