News: Northern New England

The City of Waterville's LaFleur Airport is ready to take off

The City of Waterville is investing in its economic future by revitalizing one of its prime assets - LaFleur Airport. Over the last two decades the airport has been under-valued and under-served; just under the radar - sort of there, but not functioning near its potential. Some area residents didn't even know there was an airport in Waterville. This has all changed due to the concerted efforts of the City, Waterville Development Corporation (WDC), Mid-Maine Chamber of Commerce (MMCC), and Central Maine Growth Council (CMGC). For starters, the City completed an Airport Master Plan Update in December, 2011 to chart a future course for the 500 acre airport. Soon after, the role of the Airport Manager was expanded, and the WVL Airport Advisory Committee was formed to move the project forward. Improvements to the airport began to take place. They started by creating a new logo and putting up new signage. The airport lounge was newly improved and renovated, the facility was painted, a new access ramp was installed, and the grounds were landscaped. Now for the bigger stuff: Crosswind Runway 14-32 which was closed for the last four years is now open. The City utilized a $750,000 grant from the Federal Aviation Administration (FAA) to reconstruct the 2,300 s/f runway. The project was completed in October, 2012. The 5,500 s/f. Main Runway 5-23 will be reconstructed in 2014 with the assistance of an estimated $7 million FAA grant. Randy Marshall, WVL airport manager said, "I am really excited about all of the progress the airport has made in the last year; and I am looking forward to seeing what is coming." The city partnered with WDC to purchase a key 62 acre parcel adjacent to the airport with its transferrable Foreign Trade Zone (FTZ). CMGC is working with the FTZ board in Washington, D.C. toward Re-issuance of FTZ Authority Status; to generate economic development and investment; and offer duty free savings on international goods for local businesses. This could make Waterville's airport a logistical hub for Maine businesses and catapult the region to be more globally competitive. CMGC is doing major business attraction & marketing in site selection magazines, trade shows, and multi-media to promote the airport world-wide. Locally, the City/CMGC will be hosting a Business after Hours at the airport on June 19, 2013. Investment, development, and relocation opportunities abound in Central Maine. Several companies are expanding in Waterville, Winslow, and Fairfield. The airport property and its adjacent properties have permitted TIF Sites with Foreign Trade Zone benefits. All are situated within a mile of Interstate 95. All three communities are inter-connected and have commercial/industrial sites that range from a few thousand square feet all the way up to a 1.4 million s/f facility. Not only is the airport taking off but many connected companies are getting off the ground! Darryl Sterling is executive director of the Central Maine Growth Council, Waterville, Me.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary