U.S. economy cold, but Saco Island red hot
These are terrible times, and we hope everyone in our community is coping as well as can be expected.
For taxpayers in Saco, we do have some good news. Watch the video and you’ll see that our little town within the city is BOOMING. The Forge Collection assumed the task of marketing apartments and office spaces on Saco Island about halfway through the month of March. We launched this website on March 21 and began letting folks know about new apartments on March 25. In that short time, 22 of the 31 new apartments available on the Island have been leased. More than half of the available office space at 110 Main Street has also been rented in that time, and just a few business spaces remain. Young people are moving into Saco’s urban core, the campus is being spiffed up, and a whole lot of important but long-delayed work is being COMPLETED.
These new apartments are in the spaces that formerly were known as “Unit 91.” They are along the mezzanine, out behind The Run of the Mill Public House and Brewery. It was less than two years ago that Unit 91 was owned by the City of Saco, a situation that came about when the City seized the property for unpaid taxes by a previous owner. Saco ended up owning the property for about two years, during which time the complex did not generate property taxes. Also, as the Journal Tribune reported in September of 2017, the City was liable for monthly condo fees of $5,800, or about $70,000 annually. By some estimates, the adventure of owning the Unit 91 space cost the City about a half a million dollars, counting lost tax revenue, repairs that could not be avoided, marketing expenses and the condominium fees.
Trying to unload the property and return it to taxpaying status proved to be a long and difficult road, as the Journal Tribune and Bangor Daily News reported in September of 2017: “Mayor Ron Michaud expressed frustration at how long it was taking to get to the point where a sale could be completed. ‘The time has come to put this to bed,’ he said.”
The City of Saco is no longer acting in the role of property developer --- that ended about 18 months ago.
With that difficult period now over, things are looking up. New life and new vibrancy are coming to downtown Saco. We have young professionals moving into these fabulous new spaces (see for yourself HERE --- they are beautiful), and a new vibrancy at Saco Island for which the taxpayers have long been waiting is rapidly taking shape. Taxable value on the Island will increase, which means that Saco Island will be generating more tax revenue for the City of Saco. When the COVID-19 emergency eventually passes, an exciting future in downtown Saco will already be here.