Issue link: https://nebusinessmedia.uberflip.com/i/1138414
W W W. M A I N E B I Z . B I Z 21 J U LY 8 , 2 0 1 9 F O C U S A U G U S TA / WAT E R V I L L E / C E N T R A L M A I N E e L-shaped Lockwood not only faces down- town, but also the river. "We feel the best thing we have going are the views," he says. "ey're a major asset to this development." Inspired by the river In Augusta, 20 miles down the river, Guerrette feels the same way. Guerrette Properties, which own more than 450 rental units, bought 218 Water St. in downtown Augusta in 2003. A few years later, the firm bought 221-239 Water St., four connected buildings, on the river side of the street. Most of the space was occupied by the accounting firm Macpage LLC. In 2013, the company, now Wiplfi | Macpage, moved into its own building. e space left empty โ wide open 8,000 to 9,000 square feet on each floor โ was made for office use, and no one was looking for that kind of office space in downtown Augusta. "We had to repurpose the building, it forced us to," Guerrette says. "e view of the river inspired us." Now Riverview Terrace, the building has nine loft apartments, with more on the way. e apartments have 12-foot ceilings, exposed brick and killer views of the river. Guerrette says they took a risk with high-end apartments โ at the time, a two-bedroom apartment in Augusta rented for about $700 a month. It paid off. e first apartment went for $1,695. ere are also several office tenants, including Guerrette Properties, and the Oak Table & Bar res- taurant recently opened on the ground floor. Across the street, at 218 Water St., Guerrette's first downtown building, there are 10 apartments. e first-floor retail space recently became home to Huiskamer Coffee Shop. ere are now more than 70 apartments occupied or under construction in the four-block downtown and counting, including in buildings owned by Tobias Parkhurst, a partner in Cushnoc Brewing, a brewery and tap room that opened in October 2017. Other residential projects include the 23-apart- ment Vickery Block project by Andrew LeBlanc, 30 units in the former Odd Fellows Hall at 333 Water St. and 12 at 341 Water St., being developed by Matt and Heather Pouliot. At the other end of Water Street, with a view of the river and Mill Park, site of the former Edwards Mill, Scarborough developer Matt Boulerice is redeveloping the former Kennebec Market building, including four apartments. "We've been saying it for years, and it's come true," says Keith Luke, Augusta's deputy develop- ment director. "Upper-floor development is driving ground floor retail and food service." Impact being felt e river has been working for the region's economy for centuries, since the Abanaki used it as their main transport route. Since then, it has powered mills from its headwaters at Moosehead Lake down the 170 miles to Bath and the Atlantic. It was a working river, a place to dump waste, both from the mills and the communities along its C O N T I N U E D O N F O L L OW I N G PA G E ยป