Once one of the largest cottonmill complexes in the country, Saco Island is poised for a new life as a vibrant mixed-use community.

Seeing the possibilities

When the real estate developers from Harper's Development first looked at Saco Island, they saw more than an abandoned 19th-century mill town. They envisioned a busy waterfont community with modern townhomes, condos, offices, a restaurant and microbrewery, and a 62-slip marina. The group recruited investors and formed Saco Island LP to bring the vision to life. A transformation this big takes an extensive toolbox of real estate, corporate, environmental and other skills, so Saco Island LP hired Preti Flaherty to help.

Building the dream

To clear title for the $5.9 million acquisition, we untangled a complex 100-year-old web of ownership, easements and other rights to property and industrial assets. We are also creating three separate condominium associations to serve as ownership vehicles for the restored properties. Because of Saco Island's industrial past, we assisted in performing extensive environmental due diligence, and worked closely with the DEP to develop a voluntary remedial action plan, which gave Harper's liability protections under Maine's Voluntary Response Action Program, allowing the developer to bring this environmentally troubled property back to productive use.

To help finance renovations, we negotiated a $35 million Tax Increment Financing Program, the largest nonindustrial TIF ever approved in the State of Maine. The TIF will provide captial to stabilize and improve the district's largest structure, an 880-foot long shell that has been open to the elements for more than 20 years. In return, Saco Island LP will invest its profits to build a new train station that will attract high-tech and other businesses to the island.

In October 2007, Saco Island LP closed the purchase of Saco Island. Preti Flaherty assisted with permitting, construction and zoning approvals for more than 370,000 square feet of properties and will continue to represent the company with future sales and leasing contracts.