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Waterville Opportunity Zone + Fund

Riverside Revitalization

With over $120 million in recent and planned investments in downtown Waterville, located within Waterville’s Opportunity Zone, investors and developers are bullish on the city’s potential. A manufacturing hub and service center thanks to its river and three interstate 95 interchanges, the city’s economy maintains a precision machining sector while expanding into technology and information-based sectors. Waterville’s economy is bolstered by a thriving arts and culture scene, providing a high quality of place for the city’s growing resident and tourist population.

Peruse the gallery below for completed and in-process development projects in downtown Waterville.

Elm City Opportunity Fund

To facilitate investment in the Waterville Opportunity Zone, Central Maine Growth Council (CMGC) has established the Opportunity Zone’s qualified opportunity fund, Elm City Opportunity Fund. As the economic development corporation serving Waterville and surrounding municipalities, CMGC leverages its boots-on-the-ground knowledge to provide a favorable return profile on investment in downtown Waterville. Among the advantages of investing in a CMGC-managed fund, highlights include:

• Broadened access for small, medium-sized, and family-scale investors and businesses
• Reduced legal, financial, and operational barriers to entry
• Deep knowledge of local economy to allocate capital to its highest and best use

CMGC has enlisted the services of Wipfli, one of the country’s foremost accounting experts on Opportunity Zones, to provide the highest quality of service to prospective investors. Please see our Overview of Opportunity Zones for more information on the U.S.’s newest tax incentive program.

Prospective Investors

For investor agreements, guidelines, and an overview of the Elm City Opportunity Fund, please contact Central Maine Growth Council at 207-680-7300 or gdonegan@centralmaine.org.


About the Fund

Fund Manager
Garvan D. Donegan
Read bio here

Fund Tax Advisor
Jim Cardosi, CPA
Read bio here

Waterville’s Opportunity Zone is within the highlighted census tract (yellow), which includes the City of Waterville’s downtown district.

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