WATERVILLE — A planned $25 million residential complex for Colby College on the northeast tip of The Concourse downtown is poised to win final city approvals in the coming week, clearing the way for construction to start.

The City Council on Tuesday will consider a final vote to approve a tax increment financing district and related development plan for the complex at 150 Main St. The meeting is scheduled for 7 p.m. in the council chamber at The Center at 93 Main St. downtown.

On Monday, the Planning Board is set to vote on approval for a final site plan for the 100,000-square-foot building.

City Manager Michael Roy said the purchase and sale agreement for the city’s sale of The Concourse property to Colby for $300,000 was finalized this past Wednesday and he expected the transfer to be completed in about a week.

He said the property sale and construction would represent the first visible, concrete step in the partnership between the city and Colby to make improvements downtown.

Colby officials expect construction to start soon on the five-story complex, scheduled to open in August 2018. It would house 200 Colby students as well as staff and faculty members in apartments on upper floors, with retail on the ground floor.

The students would be involved in a special civic engagement curriculum and in downtown activities.

Amy Calder can be contacted at 861-9247 or at:

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