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V O L . X X I I I N O. V I I A P R I L 3 , 2 0 1 7 28 R E A L E S TAT E / C O N S T R U C T I O N / D E S I G N F O C U S » C O N T I N U E D F RO M P R E V I O U S PA G E "I think there's just a pent-up demand for housing in urban areas," says Szanton development offi cer Amy Cullen. "Prices are going through the roof in Portland, [but] in Biddeford you can still get a great apartment at an aff ordable rent." Szanton doesn't do luxury housing, though. "I like to say we have a solid Ford or Chevy of the housing world: very nice, very service- able, but we're not doing granite coun- tertops or stainless steel appliances, so we don't get top-of-the-market rents in either location." Getting all the fi nancing in place, was complex, including tax credits for aff ordable housing and the restoration of historic buildings, in a process principal Nathan S. Szanton likens to a layer cake. His biggest partner in both proj- ects was the nonprofi t Northern New England Housing Investment Fund, which promotes housing and commu- nity development by providing equity capital, technical assistance and con- sulting to aff ordable housing develop- ers in Maine and New Hampshire. "We were skeptical, particularly on the fi rst project, but they were convinced there was a market," says the fund's president, Bill Shanahan. "We knew if someone was going to capture the market it was probably going to be them." Rising tide Potential for further development in Biddeford is large, with some 465,000 square feet still vacant, or 29% of the total. And Joslin insists he and Sanford aren't concerned about growing com- petition from other developers. "On the contrary," he says, "we see it as a 'rising tide' theory. All boats get fl oated. e demand for housing and commer- cial space is strong here." Renee CorDes, Mainebiz senior writer, can be reached at rcorDes @ mainebiz.biz BANGOR, MAINE • 207.947.4501 • RUDMANWINCHELL.COM Just ask our clients, and they'll agree with Jim. For over 100 years, Rudman Winchell has earned the trust and respect of businesses all across the state of Maine. Give us a call and find out what we can do for you. A TRUE STRATEGIC PARTNER FOR YOUR BUSINESS Jim Rogers, President, HealthConnect Networks: "With Rudman Winchell's help and legal expertise , we've saved over a 1,000 hospitals and clinics more than $50 million." Learn more at husson.edu/graduate-nursing/ ■ ■ ■ MBA – It's time you checked out Husson's graduate and professional degree programs. Designed to build on your strengths – with the flexibility you need – to take you where you want to go. RN-to-BSN MSN – Family & Community Nurse Pracitioner Healthcare Management BANGOR MAINE 1 College Circle 207.941.7100 WESTBROOK 340 County Road 800.562.1294 PRESQUE ISLE On the NMCC campus 207.760.1176 ONLINE online.husson.edu 855.902.9965 Invest in yourself. Advance your career. Business | Communications - NESCom | Counseling | Criminal Justice | Education | Health | Pharmacy | Science & Humanities This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing This is a continuing story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going story that is going to get better in the years ahead. — Kevin P. Savage Saco & Biddeford Savings

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