Saco to work with developer over back taxes
The city of Saco said it will try to work with the developer of a proposed office building on Saco Island to pay the developer’s tax debt rather than foreclose, the Journal Tribune reported.
In November, Saco Island East LLC, under the umbrella of Dirigo Capital Advisors, announced plans to build a four-story, 50,000-square-foot commercial office building a six-acre vacant lot on the east side of Main Street on Saco Island. But Saco Island East owes the city back taxes for fiscal year 2014.
Dirigo Capital Advisors is a real estate development company known for complex commercial redevelopment projects, according to the company’s website. DCA controls or manages more than $200 million in commercial properties.
Saco Island has seen other recent development activity. In 2015, Chinburg Properties was planning to invest $18 million to refurbish the 237,600-square-foot Building No. 4 of the historic Saco Mills into living and commercial space.
According to the city’s website, the huge red brick mill buildings of Saco Island are a reminder of an industrial past, with 17 sawmills in operation by 1800, followed by an iron works, manufacturing companies and textile mills. The old mill buildings are now being renovated into offices, residences and an educational facility.
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Chinburg expects spring groundbreaking on Saco Island mill rehab
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