{"id":493,"date":"2021-11-13T09:30:47","date_gmt":"2021-11-13T09:30:47","guid":{"rendered":"http:\/\/egrowonline.com\/?p=493"},"modified":"2021-11-13T09:30:47","modified_gmt":"2021-11-13T09:30:47","slug":"prospect-of-rent-hikes-at-pepperell-mill-causing-frenzy-of-concern-about-ripple-effect-in-biddeford","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=493","title":{"rendered":"Prospect of rent hikes at Pepperell Mill causing \u2018frenzy of concern\u2019 about ripple effect in Biddeford"},"content":{"rendered":"


\n<\/p>\n

\n

Concern is mounting in Biddeford that the sale of the Pepperell Mill Campus might result in dramatic hire will increase within the complicated and influence market charges all through downtown.<\/p>\n

Whereas the builders who’re shopping for the campus say they haven’t selected across-the-board hire will increase, they’ve spoken publicly about their perception that the residential and industrial rents are 25 to 50 % under market charges. These feedback stoked concern amongst tenants and neighborhood members that the 152 households and 150 small- and medium-sized companies within the redeveloped historic textile mills might see vital will increase of their hire at a time when affordable housing is in short supply<\/a> and companies are coping with strain from the pandemic.<\/p>\n

\u201cThere’s positively a frenzy of concern from of us who’re going to be impacted by these hire hikes,\u201d mentioned Maine Home Speaker Ryan Fecteau of Biddeford, who famous that hire on the Pepperell Mill Campus is \u201ca driver of what’s thought-about market hire all through downtown.\u201d<\/p>\n

After news of the pending sale<\/a> of the sprawling downtown complicated broke this week, native and state leaders started receiving calls and emails from individuals involved in regards to the influence of serious hire will increase. Town\u2019s legislative delegation and mayor requested to satisfy with patrons Chris Rhoades and Andrew Preston to raised perceive what might occur after the sale is finalized later this 12 months. That assembly is predicted to happen as early as subsequent week.<\/p>\n

Rhoades and Preston, companions within the Maine tasks of Texas-based funding group Presidium, have been behind the conversion of hundreds of military housing units<\/a> to personal housing on the former Naval Air Station Brunswick, now known as Brunswick Touchdown. In addition they have purchased Portland\u2019s iconic Time & Temperature Building<\/a> and plan to transform it right into a resort and retail area.<\/p>\n

\u201cI believe persons are extraordinarily involved,\u201d Mayor Alan Casavant mentioned. \u201cIt doesn\u2019t simply heart on the will increase within the mill complicated itself, however the ripple impact it might have all through the neighborhood.\u201d<\/p>\n

The redevelopment of the previous textile mills has lengthy been touted by metropolis officers as a key a part of the downtown revitalization that Biddeford has loved in recent times. The mill buildings are being bought by Doug Sanford, who purchased among the complicated in 2004 and the remainder in 2010 and transformed among the buildings into flats and industrial areas.<\/p>\n

Rhoades and Preston anticipate the sale to shut by mid-December. They are saying they hope to construct on the conversion into flats, places of work and retail area that has been underway for the previous 15 years.<\/p>\n

\"\"