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October 31, 2007

Waterville officials OK Hathaway sale

Waterville councilors voted unanimously Tuesday night to sell a former shirt factory to a pair of developers with plans for a multi-use redevelopment, the Central Maine Morning Sentinel reports.

Developer Paul Boghossian, of Rhode Island, and his partner, Thomas Niemann, of Durham, N.C., plan to invest a total of $56 million to turn the Hathaway shirt factory, along with two adjacent mills, into a multi-use center along the Kennebec River with commercial, retail and residential units, the paper said.

The developers are purchasing the former shirt factory from the town for $350,000, Michael Roy, Waterville's city manager, told Mainebiz this morning. The sale is expected to be made final next week.

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