SACO — A condominium association on Saco Island has lost commercial space due to tax foreclosure – and it does not want it back.

So named because it sits below 90 residential condominiums, Unit 91 comprises the first floor of the Island Terrace Condominium building, a former factory building on Saco Island. Assessed at about $550,000, Unit 91 is home to a number of commercial spaces, including the Saco River Winter Market.

The Island Terrace Owners Association acquired Unit 91 in June 2015 from its former owner, Unit 91 LLC, a subsidiary of Saco Island West LLC, in lieu of delinquent association fees, according to Bob Keegan, vice president of DIRIGO Management Co., which manages the condo association.

But the association decided it did not want to pay the back taxes owed on the first-floor left over from the previous owner, which, according to city records, is about $11,300, Keegan said.

The city foreclosed on the building in January.

Keegan said being a commercial landlord was not a good fit for the condo association.

“The association does not want to own that space,” said Keegan. “They’re looking for a good neighbor.”

Keegan said Unit 91 takes up about 25 percent of the building, and not getting association fees from the other 25 percent puts a strain on the budget.

The condo association is in discussions with the city to clear easement rights and other issues, and talks have been amiable, Keegan said.

Saco Economic Development Director William Mann said it’s not the city’s intent to be longterm property owners. Should the city decide to dispose of the property, the decision would have to come from the City Council.

— Staff Writer Liz Gotthelf can be contacted at 282-1535, ext. 325 or [email protected].