Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Friday, July 17
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Property»Sale of former Martel School property in Lewiston nearing closing
    Property

    Sale of former Martel School property in Lewiston nearing closing

    August 21, 20243 Mins Read


    A concept image shows what 88 units would look like after a second phase is completed at the former Martel School property at 960 Lisbon St. in Lewiston. Sale of the property to Lewiston Housing is expected to be finalized in the next 60 days, with construction on the first 44 units to begin in the spring of 2025. City of Lewiston

    LEWISTON — The sale of the former Martel School property on Lisbon Street will take place within the next 60 days, marking the final stages of a lengthy and sometimes controversial effort to redevelop the property into senior housing.

    The City Council approved a final amended option agreement Tuesday between the city and Lewiston Housing, which is purchasing the property for redevelopment.

    Officials said the issue with the property title, which slightly delayed the sale, had been resolved, and that an option agreement for the sale of the property will be exercised Wednesday.

    According to Lincoln Jeffers, director of economic and community development, that means the parties have 60 days to complete the transaction.

    Officials from Lewiston Housing said the title issue will not impact the construction schedule. Work on the first phase of 44 units is expected to begin in the spring of 2025.

    A council memo indicated that the issue stemmed from the deed for 860 Lisbon St. containing restrictions limiting the use of the parcel to a school. The memo says the city and Lewiston Housing believe the issue has been resolved but signed an agreement Tuesday regarding the sharing of possible expenses that “could be necessary at some point in the future” to defend title to the premises or have a court order that “the restrictions are satisfied or otherwise no longer in effect.”

    Some at the meeting Tuesday described the issue as another in a series of delays for the senior housing project.

    Lewiston resident Matt Roy questioned why “no one bothered to read the deed documents” when the Martel School property was transferred to the city in 2019.

    “Where was the due diligence on this?” he asked.

    Louise Samson, who has been closely following the redevelopment talks, said she didn’t understand the “malarkey” surrounding the sale, but questioned whether the issue would delay construction.

    “This is very important, we have to get this going,” she said.

    On Wednesday, Mayor Carl Sheline said, “I appreciate our city staff and Lewiston Housing working through these issues to get this project across the finish line. We need senior housing in our city and I’m glad we’re moving forward.”

    The development will mark the first new senior housing in Lewiston in years, but it has been a long road to reach this point.

    The city entered into a two-year option agreement with Lewiston Housing in 2020. However, the council eventually decided to explore other options due to uncertainty around affordable housing development. Developer Dave Gendron expressed interest in a commercial development, but many city officials and residents pushed for senior housing.

    In the spring of 2023, Lewiston Housing was again chosen to redevelop the property.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleHomebuilders have had the upper hand in the housing market. Lower rates may change that.
    Next Article Too much ‘over-dramatisation’ on EPC targets for …

    Related Posts

    Property

    China Q2 GDP Growth Slows to 4.3% as Weak Domestic Demand and Property Slump Drag Down Quarterly Growth

    July 14, 2026
    Property

    China Evergrande liquidators warn PwC partners not to use divorce to shield assets

    July 14, 2026
    Property

    China’s Q2 GDP growth hits slowest pace since 2022 as economic recovery loses steam – Firstpost

    July 14, 2026
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    Conflict between Iran, Israel to be short-lived, experts predict – World

    June 16, 2025
    Property

    Private equity could lift UK property out of the bargain basement

    March 10, 2025
    Property

    Interest rate cut fuels immediate upturn in UK property market | Housing market

    August 18, 2024
    What's Hot

    Bitcoin : HODL ou gestion active des positions ?

    March 27, 2025

    Ford considers investing $400M for EV component production in Kentucky

    July 12, 2024

    Man Who Lost 8,000 Bitcoin Now Worth $900 Million Wants To Tokenize Entire Wallet In Bid To Assert Claim On Dumped Fortune

    August 5, 2025
    Most Popular

    Meet the Newest Artificial Intelligence (AI) Stock-Split Stock in the S&P 500. It Soared 1,000% Over the Past Decade, and It’s Still a Buy Right Now, According to Wall Street Analysts

    November 9, 2025

    Google Finance Gets AI Deep Search & Prediction Market Data

    November 6, 2025

    Stock Market Live February 2, 2026: S&P 500 (SPY) Red on Tech Weakness

    February 2, 2026
    Editor's Picks

    Global commodities’ biggest winners and losers this year

    August 20, 2024

    NatWest and LBG among lenders signed up to LMS’ digitised property transaction sandbox

    July 11, 2025

    China tech giant JD.Com unit, two other firms plan RM4.23b Singapore REIT, sources say

    August 27, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2026 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.