WATERVILLE — The historic Hathaway Creative Center on Water Street has been sold for about $20 million.

The building was sold to North River Hathaway LLC by Hathaway Mill PO LLC, under an agreement that was signed Feb. 10 and announced Thursday.

Hathaway Mill PO LLC listed the mill for sale in August with Chris Paszyc and Joe Porta of CBRE|The Boulos Co., and North River was represented by Drew Sigfridson of CBRE|The Boulos Co. in Portland.

The former Waterville shirt factory was renovated several years ago and transformed into retail offices and 67 high-end apartments in an effort that helped jump-start downtown revitalization hopes.

Paszyc, the listing broker, said the agreement reinforces the belief in the future of downtown Waterville.

“I think this is indicative of what is to come in downtown Waterville,” said Paszyc, who was town manager in nearby Madison 15 years ago. “This is building on Colby’s recent investments, plus the Alfond Foundation’s investments and a variety of other developers and investors embarking on projects in the downtown and indicative of what is to come in the future.”

Paszyc, of Farmingdale, also spent five years as director of planning and development for the city of Gardiner.

The property was listed on loopnet.com as a five-story, 236,000-square-foot mill building at 10 Water St. that in September was 83 percent leased.

The building dates back to 1876, when it was operated as a cotton manufacturing mill. C.F. Hathaway & Co. was built in 1881 and made shirts at the building until 2003, when it closed. Paul Boghossian redeveloped the mill building for about $30 million.

A Rhode Island resident, Boghossian is a graduate of Colby College. The sellers purchased the property in 2006.

The apartments are fully leased, and the property includes an on-site gym, business center, parking and access to the Kennebec River, according to a news release from CBRE|New England.

Significant tenants in the office space include MaineGeneral Health, Cengage Learning and Collaborative Consulting.

The buyer is an affiliate of North River Company, a New York-based commercial real estate development firm that owns other properties in Maine, including the Fort Andross Mill in Brunswick, and the Pierce Atwood building and One and Two Portland Square in Portland, according to the release.

While the Creative Center is listed by the city as having an assessed value of the building and parking lot at about $9 million, Paszyc said the $20 million sale price reflects the property’s actual value to the buyers.

He said the price tag was a function of the income that was created through the lease with MaineGeneral Medical Center and the 67 market-rate apartments on site.

“Investors typically valuate property as a function of the net operating income that is generated,” he said. “It is still about 83 percent occupied, but the buyers looked at the vacant space as upside, which will create more value in the long run.”

Paszyc said the Hathaway sale is part of the big picture of the rebirth of the city of Waterville.

Alfond Foundation Chairman Greg Powell announced the Alfond Leaders program this week in the Hains building, downtown, where the technology company CGI Group will move this summer and plans to bring about 200 jobs to the area in the next few years. Colby College, a partner in the Alfond initiative, is renovating the building with a $5 million infusion of cash and is investing about $45 million in the downtown overall as part of the city and Colby’s efforts to revitalize the downtown and bring more people living and working downtown. The Hains building will have retail uses on the first floor.

The Waterville City Council on March 21 will consider leasing parking spaces in a city-owned public parking lot at the south end of Front Street to Colby College for use by a planned hotel across the street.

The Alfond Foundation joined Colby last year in announcing a $20 million investment to jump-start downtown revitalization. Colby has bought several buildings downtown, including the Hains building; the former Elks building on Appleton Street, which was demolished to make way for parking; the former Levine’s building on Main Street, which also was razed, and where Colby plans to build a 42-room boutique hotel with a restaurant; and the former Waterville Hardware building across the street.

Colby plans to build a $25 million student residential complex on the northeast part of The Concourse. About 200 students, as well as staff and faculty members, will live in the building and be part of a special civic engagement program. The first floor will include retail uses and will house a glassed-in forum space that may be used by the public for meetings.