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.
