October 2, 2007
Saco Island deal closed
Saco Island LP yesterday finalized its $5.9-million acquisition of the Saco Island complex, with plans to immediately begin the $100-million redevelopment of the Saco River island between Biddeford and Saco's downtowns, according to a press release.
The group of investors has proposed transforming the 15-acre island and its warren of vacant mills into a mixed-use development of housing, retail shops, offices and a marina. The Saco Planning Board approved the project in July.
Saco Island LP, which in the fall of 2006 received a $35 million tax increment financing deal from the city to help fund the project, has said the first condos should be ready to sell by fall 2008.
The group of investors has proposed transforming the 15-acre island and its warren of vacant mills into a mixed-use development of housing, retail shops, offices and a marina. The Saco Planning Board approved the project in July.
Saco Island LP, which in the fall of 2006 received a $35 million tax increment financing deal from the city to help fund the project, has said the first condos should be ready to sell by fall 2008.
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