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W W W. M A I N E B I Z . B I Z 21 J U LY 1 0 , 2 0 2 3 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 "As the southern gateway into the downtown area and a critical link for revitalization between the downtown district and the South End neigh- borhood, the remaining Lockwood Mill facilities have remained vacant and dilapidated — an eyesore with shattered and boarded-up windows — for several decades," says Garvan Donegan, director of planning, inno- vation and economic development for Central Maine Growth Council. e two vacant mill buildings are now being redeveloped. e four-story, 116,000-square-foot structure and one of two-stories and 56,000-square-feet. e buildings are in a cleanup phase to prepare for the redevelopment into a mixed-use riverfront development that will support workforce housing and commercial spaces. Phase I is projected to include approximately 65 apartments and around 4,000 square feet of com- mercial space. According to Donegan, the estimated cost for Phase I of the project is $35 million. Phase II development will add an additional 80 apartments, resulting in an estimated total of 145 apartments and approximately 4,000 square feet of new commercial space. A vacant KFC is expected to be demolished and repurposed into parking for the Lockwood Mills residents. "e revitalization of downtown Waterville highlights the transformative power of strategic investments and com- munity-driven initiatives," says Donegan. "rough a thoughtful combination of public-private partnerships, historical reflection, and forward-thinking vision, the city is reimagining its main street landscape, embodying progress and cul- tivating a vibrant community ready for sustained growth and prosperity." What's ahead One major project in planning is the new construction of Head of Falls Village, a downtown village with 63 mixed-use apartments. e Head of Falls Village project is a proposed mixed-use development in downtown Waterville that will be market and workforce rate, as well as ground-floor commercial space. e housing units will be a mix of one-bed- room, and two-bedroom apartments. "Admittedly, our redevelopment plan is very ambitious," says Todd Alexander, vice president and partner of Renewal Housing Associates LLC, which is developing Head of Falls Village. "But it directly responds to what people have been advocating for in Waterville for decades; downtown revitalization, mixed-use development, high-quality housing choices, vibrant public spaces, and re-establishing a strong link between the downtown and Head of Falls — where this city really all began." "e challenge, of course, is that there's only one way a project like this can only succeed — through a public- private partnership," he continued. "e private sector needs to take the lead. But government and nonprofits have to participate in order for this to work. One only has to look at the cycle of disinvestment in downtown Waterville from the 1980s to around 2017 to understand that a project of this scale is not financially feasible through the private sector alone." e buildings would be located at the corner of Temple and Front streets, overlooking the Kennebec River. e project is being developed by Renewal Housing Associates and Northland Enterprises Inc. e developers are seeking approval from the city's Planning Board. "In our view, Waterville might be one of the few places where a bold redevelopment project like this can succeed," says Alexander. "ere's a tremendous partnership in place among the public sector, private business and nonprofit organiza- tions. Colby has taken an unprec- edented leadership role with its early downtown investments. Members of the community have done the hard work organizing and planning for the change they want to see occur. Spending time here, you can sense the concerted effort and steady progress to simply make Waterville a bet- ter place. In that sense, Waterville is exactly the kind of community in which people like me want to invest our time and energy." Donegan, says the Head of Falls Village project is expected to be a major catalyst for the revitalization of down- town Waterville. e project will provide much-needed housing and commercial space, and it will help to attract new resi- dents and businesses to the city. "Now in the early stages of Phase II downtown redevelopment, Waterville's revitalization continues with a new city center that encom- passes art and film centers, the new Lockwood Hotel, culinary diversity and a burgeoning entrepreneurial spirit," says Donegan. "ese impact- ful initiatives, supported by signifi- cant public-private resources, have revitalized downtown Waterville, sparking private sector ventures along the Kennebec River. e upcoming Head of Falls Village development Maine's credit unions are here for you. mainecreditunions.org Maine credit unions offer personal and business financial relationships that focus on your unique needs. You're more than your account. We're invested in you. • Better loan rates • Lower fees • Checking and savings accounts • Digital banking & remote deposit • Financial advice Open an account at a credit union today. The financial tools for your business needs.

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