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.
MORE FROM Northern New England
Northern New England

November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash

While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units. 

Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.