Lockwood Mill In Waterville To Become Apartments
Waterville could soon see additional housing options.
According to the KJ, a New York City based developer is hoping to turn the former Lockwood Mill location on Water Street in Waterville into a series of residential units and commercial spaces. The building is massive. It covers 120,000 square feet of usable space across four floors.
The residential units (apartments) will be a mixture of affordable units and units priced at market rate. The apartments will be on the upper floors of the building's southern wing. Of the 65 planned units, nearly 50 of them will be affordably priced. The determination of "affordable" will be based on the current median income.
In addition to the 65 apartments, there will be about 4,000 square feet of retail space, once the development is completed.
Asbestos removal has been going on for the last year. Construction is expected to start late this year or early next year. There is no word on when the units will be available for rent.
North River Company is a real estate investment and management company that is based on NYC. In addition to their New York City office, they also have an office in Brunswick, Maine.
In total, the renovations are expected to take over $20 million.