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Downtown Lockwood Mill Buildings Purchased by North River Company for Redevelopment

June 18, 2019

WATERVILLE, ME – On the heels of its acquisition of the successfully transformed Hathaway Creative Center, North River Company has purchased the two additional Lockwood Mill buildings, bringing the entire riverside mill complex under one ownership.

“The bustling redevelopment activity in downtown Waterville created an opportune environment in which to leverage our investments in Hathaway Creative Center to realize the potential of putting the entire Lockwood Mills complex back together,” says Christopher Flagg, President of North River Company. “We are excited to breathe new life into these historic buildings and welcome residents and visitors to shop, eat, work, recreate, and live alongside the beautiful Kennebec River in downtown Waterville.”

The two acquired buildings were formerly used by Central Maine Power Co. and Marden’s after C.F.
Hathaway & Co., a men’s shirt manufacturer, closed. Purchased for $1.5 million, the two buildings total
approximately 182,000 square feet on approximately 3.27 acres. Together with Hathaway Creative Center,
the entire mill complex currently contains 412,000 sq. ft. in a prime location overlooking the Kennebec
River in the southern section of downtown Waterville.

Purchased in 2017 by North River Company, Hathaway Creative Center’s redevelopment remains a major
anchor of downtown Waterville’s ongoing revitalization, an effort activated by over $100 million in recent
investment by private and public sector supporters. In addition to providing market rate apartments in the
city center, Hathaway Creative Center plays an important role in Waterville’s emergence as a healthcare,
technology, and knowledge-based hub. The initial home of CGI, a global information technology firm now
located at 173 Main Street in Waterville, Hathaway Creative Center currently houses MaineGeneral Health,
the biotechnology laboratory of GenoTyping Center of America, as well as Bricks Coworking & Innovation
Space, a shared workspace with technology-related programming including Central Maine Tech Night,
Central Maine Programmers Group, and Summer Startup. The purchase of the additional Lockwood Mills
buildings further positions the city for downtown growth.

“Located in the city’s downtown Opportunity Zone, the acquisition of the Lockwood Mills Complex is an
incredibly important development for the region’s economic growth,” explains Garvan Donegan, director
of planning and economic development for Central Maine Growth Council. “As illustrated by the
spectacular success with the redevelopment of Hathaway Creative Center, the North River Company
team is highly adept at identifying, attracting, and meeting the needs of high-growth industries which will
sustain high-skilled jobs and further revitalize the downtown district and the mid-Maine economy.”

Alongside the opportunities for industry growth, the purchase of the Lockwood Mills buildings represents
the reinvigoration of Waterville’s riverside assets as the city returns to the river to enhance its quality of
life. Joining projects including the $9.2-million BUILD initiative and award from the United States
Department of Transportation to further support the revitalization by funding improvements of roadways,
sidewalks, intersections, and public green spaces, RiverWalk at Head of Falls, and the Head of Falls
request for qualifications (RFQ), the redevelopment of the mill complex will enhance access to
Waterville’s natural beauty and provides culinary, recreational, residential, and retail amenities to enjoy
alongside the river.

“A key component to the success of this redevelopment effort will be the attraction of commercial
companies and retail uses to occupy the first two floors of the newly acquired property. We want to more
fully integrate the commercial district of downtown Waterville with the riverfront mills and look forward
to marketing these facilities to attract the right tenant mix into this area,” says Drew Sigfridson, Managing
Director and Partner for The Boulos Company. “The Boulos Company is pleased to have assisted North
River with the acquisition of properties in Waterville and Portland, ME over the years and looks forward
to playing a part in the transformation of these historic mills in downtown Waterville.”

With the completed purchase and sale of the two buildings, North River will begin the design and
entitlement process, with substantial investment in this mixed-use redevelopment slated to begin
construction by the fall of 2020.

Last modified: June 18, 2019

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