WATERVILLE — Real estate developer Bill Mitchell follows this formula when looking for suitable space for potential tenants, both in downtown buildings and those outside the city center.
He asks a lot of questions to understand what his customers want: location, square footage, whether they want a first, second or third floor space, and what they need for parking. Masu. He will also ask about your business experience if you are in business.
If we don’t have exactly what they’re looking for, we’ll look for properties for sale that fit their needs. That’s what he did a few years ago with Coastal Med Tech, a durable medical products company that was acquired by the nationally traded company Quipt. CMT started as a small business on College Avenue, but when that space outgrew it, it moved to Kennedy Memorial Drive in Oakland; The local store manager called Mitchell and asked what was available in the area.
Mitchell scouted the market and discovered that 177 College Avenue, the site of the recent Grass Eaters, was for sale. He negotiated the purchase with the building’s seller and also entered into a rental agreement with CMT. In this case, CMT wanted Mitchell to renovate the building, which Mitchell did. CMT made the move last summer after what Mitchell called “a complex project that ended in a positive way.”
“This is a win-win in every way, including for College Avenue,” he said. “A great retail operation with professional service is a very positive step for College Avenue.”
Currently, Mitchell and City Manager Brian Kenrath said there are great areas available for residential and office use on the second and third floors of downtown buildings, with some ground floor retail space also available. ing. Kenrath said experts determined there is enough space on the upper floors alone to accommodate about 75 homes.
The challenge is that many of the buildings were built without elevators or sprinkler systems, and the city is working to identify funding sources, such as rehabilitation grants and loans, to address these life safety needs.
“There’s a lot of work to be done, but good things are happening,” Kenrath said.
Mr. Mitchell’s methods for attracting and retaining business and residential tenants have been successful over his 40 years in business and his most recent 23 years in real estate development. Mitchell, the former owner of GHM Insurance, now Allen Insurance Agency, on Main Street downtown, owns 14 properties and 22 buildings in the city. Occupancy rates for these buildings are said to be high, at 88-90%.
“That’s one of the reasons I’ve been successful as a real estate developer for 23 years,” he said. “Each resident has different needs.”
Mr. Mitchell is a mover and shaker, especially when it comes to championing the city’s efforts to fill empty spaces in downtown buildings.
Mr. Kenrath said Head of Falls Village at the corner of Temple and Front streets, the Lockwood Mill project on Water Street, and the Nale and Despres homes at 103-09 and 155-165 Main Street. He cited several housing projects planned for downtown, including smaller projects. Each. Manor Gardens on College Avenue is also a large residential project.
Kenrath said creating a more vibrant downtown and continuing the momentum of existing revitalization efforts will require a multi-pronged approach, including high-rise residential development, the introduction of new development and visibility. The company plans to launch a branding and marketing campaign to spread the word and aim for recovery. Grants and loans are also part of this. As more people work from home, housing will become important as more people will shop, eat and live downtown. The city recently hired Michael Hall as a community development specialist to work on a variety of issues, including filling upper-floor spaces downtown.
In 2024, the city plans to support the creation of an art walk from Castingeye Square to Temple Street and more pedestrian-friendly spaces at Silver and Appleton streets.
“I hope 24 is a great year,” Kenrath said. “We’re going to try to accomplish as much as possible.”
Pedestrian traffic in residential areas
In recent months, ground floor spaces downtown have been taken up by new businesses such as Main Street Provisions, Baking with Daniel on Temple Street and Metamorph Jewelry Studio at 40 Main Street.
“I think we should be happy about that,” Kenrath said. “I think the more success we have with residential traffic downtown, the more benefit it will be for retail.”
Don Prude, a real estate broker and developer who owns Coldwell Banker Prude Real Estate on Silver Street, also joined the effort to bring housing and office space downtown. After purchasing the former KFS Bank building at 70 Main Street when the bank merged with Kennebec Federal Savings further north on Main, Prude moved part of his third floor to East Main Street and S.W. converted into a large penthouse overlooking the concourse. The first floor is home to Holy Cannoli.
“We wanted a type of luxury rental property to bring people downtown,” Prude said Friday during a tour of the penthouse.
He is renting it out as an Airbnb until he can find a permanent tenant, and he said it has been very popular.
He said some Colby College parents recently stayed there and loved it so much they wanted to come back. They had breakfast downstairs at Holy Cannoli, had pizza with the kids at Portland Pie, enjoyed brunch at Lockwood Hotel’s Front & Main restaurant, and bought wine and other merchandise at their new shop, Main Street Provisions .
“Actually, someone is moving in on Monday, and they’re planning on renting it for two months,” Plourde said.
The 1,600 square foot penthouse has two bathrooms, a large bedroom, and open living, dining, and kitchen areas. Despite the heavy downtown traffic outside, the penthouse was surprisingly quiet. Mr. Plourde’s wife Eileen and daughter Jamie designed the interior. As more of the upper floors are developed into residential areas, Prude is recommending the city create paid parking in the concourse for residents.
“To me, that’s the key to bringing people downtown,” he said.
Prude, who has worked in real estate for 40 years, renovated the building’s second floor as office space, complete with a large room overlooking the concourse and a space overlooking Main Street.
The company is also working to fill space on the upper floors of the Days Jewelers building at 88 Main Street as Days moves its headquarters to The Elm at 21 College Avenue. The Elm was owned by Mr. Mitchell and has since been renovated. Tenants can rent individual office spaces or office suites at 88 Main, which was renovated when Day’s relocated its offices. Prude said the third floor of the building is also available for rent.
The vacant ground floor spaces downtown include the former U.S. Post Office building, the former Jorgensen’s Cafe, the former Al Coley Music Shop, the former Ken-A-Set building and the former Atkins Printing. Mitchell said if everyone works together and perseveres, some great spaces can be filled with good tenants.
“With the revitalization efforts led by the city, Colby College, the Alfond Foundation, the Alfond family and the Lander family, Waterville is well-positioned for the next wave of growth, not just downtown, but across the city,” Mitchell said. Stated. “With most of Upper Main Street and Kennedy Memorial Drive already developed, I think College Avenue is also well-positioned for business development opportunities and growth.”
Mitchell’s properties include Penny Hill Park and KMD Plaza (146 KMD, 14-28 Common St., 220, 222, 224, 319 Main St., 315 Kennedy Memorial Drive and 270 Kennedy Memorial Drive, respectively) will appear. The building houses 70 commercial tenants ranging from national companies. From doctors like Edward Jones and Dairy Queen to local health care providers like Waterville Pediatrics.
He said it’s important the city remains focused on revitalizing the economy, working with partners such as universities, health care providers, schools and arts organizations.
“Everyone is working toward that goal, but it takes a really systematic, strategic vision and execution of that vision,” Mitchell said. “Housing and economic development are closely linked. Currently, housing development is well underway, with developments underway or planned. We have made a very good leap forward on the housing side of economic development. But now we have to make a leap forward on the business side.”
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