Auction for Saco mill building postponed

An auction for a former mill building in Saco has been postponed, and the owner of a restaurant in the building is hopeful that a solution will be found for the building owner to continue possession of the property.

The building at 100 Main St. in Saco houses popular brew pub Run of the Mill as well as ROTM Lofts LLC apartments.

The 4.39 property, assessed by the City of Saco for just over $3 million was scheduled to go to an auction onsite at 1 p.m. on Friday.

Tranzon Auction Properties stated in an email on Thursday that the auction scheduled for 1 p.m. Friday was postponed as the auction company had just been informed that the “owner/borrower” of the property had filed bankruptcy.

The declaration of bankruptcy means an automatic stay on the auction. The stay provides the debtor with an opportunity to formulate a plan to repay his creditors.

Run of the Mill management stated on Facebook that the restaurant was still in operation, and had no plans on leaving the location.

“… we are glad to say that the auction was cancelled, and the building owners are doing everything they can to keep us in the location that we have built out from its abandoned state and has been home to all of you and us for 16 wonderful years,” stated the post.

For more information, click on the following stories:

Run of the Mill building auction looms as bankruptcy proceedings unfold

Historic mill building on Saco Island up for auction

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