Brown's Mill
Historic Mill Rehab | 63,000 SF
Marketing description
"Brown's Mill" is a truly unique historic property scenically located on the banks of the Piscataqua River on the the edge of the downtown of Dover Foxcroft. The highest and best use is likely affordable rental housing , although conventionally financed housing or other commercial uses are possible as well. A significant potential advantage for redevelopment is the use of State and Federal Historic Tax Credits which could return approximately 40% of the redevelopment cost. In addition, federal LIHTC "affordable housing" tax credits would return another 17% to 20% to subsidize development. This could TOTAL OVER 60% of DEVELOPMENT COSTS. Shoreland elevation studies indicate the upper 4 floors are suitable for housing while the lowest level can be reused for more passive storage and community uses.
Recently, federal proposals for large increases in Tariffs suggest the possibility of commercial and industrial redevelopment given new needs for large open spaces for these activities.
Preliminary architectural space plans are available. The current owner has owned the property for approximate 20 years and maintained the property well with a new roof several years ago. The building has recently undergone an EPA funded "brownfield study" meeting EPA standards. The report results are available along with loans or grants to address brownfield issues. There is substantial community support for redevelopment including "Tax Increment Financing" (TIF) which would reduce a substantial portion of local property tax.
Dover Foxcroft is a rural town center of approximately 4600 persons. The town has a Hannaford's anchored shopping center, a regional rural hospital, a many local businesses.
It is the home of Foxcroft Academy which is a public and private secondary school which boasts a new indoor hockey rink and indoor sports field which are second to none in the State of Maine.
The Town is approximately 25 minutes drive from I-95 and the City of Bangor. It is on the route to the Moosehead Lake region about 20 minutes north in Greenville
Space Details
Investment highlights
Highest and best use is historic rehabilitation. Federal and state historic tax credits valued at approximately 40% of rehab costs.
Additional federal and state Low Income Housing Tax Credits (LITHC) available. Town has expressed interest in providing Tax Increment Financing (TIF) credits for property taxes up to possibly 90%.
Brownfield study has already been completed and federal brownfield loan and grants are available.
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