US$20 million to be spent to renovate Lockwood Mill, New York

Home » News » US$20 million to be spent to renovate Lockwood Mill, New York

A US$20 million project has been undertaken by North River Co to transform about half the Lockwood Mill building at 6 Water Street, New York, into a commercial and residential space. The due date for completion of the project is 2023. It will comprise 65 apartments on the top levels of the building’s southernmost wing, including 48 affordable units and 17 market rate ones. The affordability of the house would be determined by the area median income. Commercial and retail activities would occupy around 4,000 square feet of the 120,000-square-foot, four-story structure. To preparation for development, work on cleaning and removing asbestos within the structure has been proceeding for almost a year.

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“I believe that Maine, and particularly the Waterville region, are in critical need of high-quality affordable housing, and North River Co. is working hard to assist offer truly safe and high-quality homes for the community.” “I believe we saw a lot of headwinds as a result of the pandemic, and the pandemic has created some modifications on the construction side,” said Mariah Monks, a director at North River Co. She went on to say that the southern wing of 6 Water St., which runs parallel to the Ticonic Bridge, will be completed first, and the wing running parallel to Water St. would be completed later. The cost and specifications of the second phase are still being worked out.

More details on the Lockwood Mill renovation project

The project is exciting for the city and “hugely essential from a growth viewpoint,” according to Garvan Donegan, director of planning, innovation, and economic development for the Central Maine Growth Council, which is collaborating with NRC to rehabilitate the former mills. North River paid US$1.5 million buying the buildings at 6 and 8 Water St. in 2019 from Paul Boghossian, the developer of the Hathaway Creative Center. In 2017, North River purchased the facility from him for US$20 million.