This is a complex and very difficult re-development project, posing several formidable challenges. For instance, the main building, the “Seton hospital,” has very low ceilings and no central air conditioning, so renovations will be extremely challenging. However, this company has executed difficult re-development projects before, including the Central Maine Commerce Center in Augusta, which has produced $50 million in new taxable valuation for the City of Augusta in just the last few years.
Similar success is likely at Seton Center. The property is comprised of an 80-acre parcel strategically located in the middle of the city, including 50 acres of beautiful woodland. We bought the property in June of 2013. Immediate plans are to spend the next 6-12 months exploring options, thinking about innovative approaches, and thinking about how to optimize the value of this unique property. The property has been tax-exempt since at least 1924, so as re-development proceeds, relief for Waterville taxpayers gets closer as the Seton Central becomes a Waterville property tax payer.
Re-development plans are likely to evolve quickly. To stay current, check our home page and blog for the latest news, or subscribe to our RSS feed.