24 Unit residential development proposed for Saco Island East

SACO — The developer who purchased the Saco Island East parcel at an auction in 2019 is proposing a plan for 24 residential units on the vacant riverfront property.

Edward “Ted” Moore of Saco Island Ventures, LLC, earlier this week presented a plan to the city’s planning board for 12 duplex buildings on the nearly six-acre property on Saco Island. Saco Island is a small island in the Saco River. The island is part of the city’s Main Street and is connected by a bridge to Saco’s downtown on the north and Biddeford to the south.  

“These townhouses will be very tasteful, and when the project is finished it will contribute far more property tax revenue to the city than the vacant land,” said Stephen Bushey, the project manager and a senior associate at Gorrill Palmer. “Traffic impact will be very low, and the land will be substantially improved to stabilize the ground, remove invasive plants and complete much-needed revegetation.”

The property known as Saco Island East is located on the east side of Main Street. The parcel has long been vacant and has been prone to transient activity.  According to city records, the property is assessed at $417,200, which at the current mil rate generates about $8,200 annual property tax.

Should the suggested project come to completion, property would be well maintained and is expected to bring in more than $200,000 in annual property tax revenue, according to a press release from the developer.

There have been several failed proposals for the Saco Island east property over the years, including a multi-use proposal a few years ago that would have included housing as well as a hotel and retail. Moore’s recent proposal is less impactful than a 30 town house proposal that was approved by the city and other regulatory agencies several years ago, according to a press release from Saco Island Ventures, LLC.

Moore is also a principal of The Forge Collection, which has been involved in re-development of former mill buildings on the west side of Saco Island, an active mixed-development area. The Forge Collection recently completed 31 new apartments in what was formerly known at “Unit 91,” and has also embarked on converting vacant office space into 12 new apartments at a former mill building.

The proposal will go back to the planning board on April 6 for site plan and preliminary subdivision review. It will also go before the Saco River Corridor Commission later this month.

Publisher Liz Gotthelf can be reached at newsdesk@sacobaynews.com.