Presidium, a fully-integrated real estate firm, whose Maine partners have a long and respected history of development in Maine, has acquired the Pepperell Mill Campus, with plans to rejuvenate and enhance the property. Located in the heart of downtown Biddeford, Maine, the Pepperell Mill Campus is a 17-acre adaptive re-use revitalization project currently undergoing significant changes that will strengthen its position as a vibrant business hub and inclusive residential community.
Chris Rhoades, Andrew Preston, and their partner, Presidium will work to further preserve the property’s history, while also creating an enhanced space for future urban development and smart growth. “Since the Pepperell Mill opened in 1840, it has placed the City of Biddeford on the map as a globally recognized center of industrial progress and innovation. We appreciate each and every tenant of The Pepperell Mill and look forward to partnering with them on their residential and commercial needs. This project is monumental as it will serve as a cornerstone for community members and future generations, as well as pay homage to the Pepperell Manufacturing Company legacy in which this campus was built upon,” said Chris Rhoades, Investment Partner.
The Pepperell Mill Campus has been undergoing redevelopment by Eastland Construction & Management Corp since 2004. Situated along the Saco River, the campus consists of 16 separate mill buildings and contains approximately one million square feet of interior space. The group’s primary goal for this project is to continue supporting Biddeford’s growing creative economy and its substantial need for additional housing options as an alternative to crowded nearby metropolitan areas, including Portland and Boston.
The Pepperell Mill campus currently offers 152 residential units featuring refurbished wood floors, high ceilings, stainless steel appliances, granite countertops, exposed brick walls and exposed wood beams. In addition, the Pepperell Mill Campus is home to approximately 150 commercial tenants offering a variety of food and beverage, entertainment, office, and light manufacturing services. Community amenities include onsite recycling and composting, pet washing stations, a fenced in dog park, bike storage, and more. Presidium will perform physical upgrades to all buildings on the campus and incorporate additional amenities for residents to enjoy, such as a new rooftop lounge overlooking the Saco River and a new club room that will give residents more space to enjoy with their friends and family.
“We are eager to positively contribute to downtown Biddeford’s renaissance by continuing to improve the mill’s campus,” said Andrew Preston, Investment Partner. Preston added additional feedback regarding the current owner, Doug Sanford. “Doug is considered a pioneer for being the first to take on the redevelopment efforts of the mills nearly 20 years ago. His success saw other developers follow his lead, resulting in a renaissance of the Biddeford Mill district. His vision and leadership led to him being inducted into the Biddeford Hall of Fame. We are thrilled to have been selected by Doug for this acquisition.” said Preston.