An auction on ‘Building 3’ at 100 Main St. in Saco scheduled Dec. 30 is on hold. Courtesy Photo
SACO — An auction on Saco mill Building 3 at 100 Main St., originally scheduled for 1 p.m. Wednesday, Dec. 30 is on hold, according to the auction house that was to sell the building.
Kevin Mattson, an owner of the property that houses the popular Run of the Mill Public House & Brewery, filed for Chapter 11 on Tuesday, Dec. 29.
The future of the building is uncertain.
“At this moment next steps are not apparent. For now the foreclosure process is on hold,” Mike Carey with Tranzon Auction Properties said in an email.
In addition to the restaurant, the 4.39-acre property at 100 Main St. that includes a four-story mill building constructed in 1835 has an unfinished office space and 25 studio apartments. Its assessed value by the city of Saco is $2.2 million.
This is not the first time a scheduled auction on the property has been cancelled. Just about a year ago, an auction had previously been scheduled for December 2019 but was postponed until February, when it was cancelled again.
Prior to notification of the recent cancellation, Carey said, “We’re getting a tremendous response. The market is still very active for quality assets through traditional brokerage or auction, and with interest rates still low, people are looking.”
Annual taxes are around $43,000, according to information contained in the auction packet.
The property is owned by The ROTM Lofts, LLC.
Movement is taking place elsewhere in the Saco mill buildings.
Saco recently approved 12 new two-bedroom apartments at 110 Main St., or Building 2, according to a press release from The Forge Collection, which manages apartments, offices and other commercial spaces at Saco Island.
Construction will begin soon, according to the release.
As 110 Main Street Holdings, Inc., the company will convert office spaces into a dozen new apartments in the building which at ground level houses The Deli & Company. The plan calls for six new two-bedroom apartments on the third floor, and six new two-bedroom apartments on the fifth floor of the building.
In addition, according to the release, “The Forge Collection recently completed 31 new apartments in what used to be known as “Unit 91,” a section of another former mill building that is physically connected to 110 Main St.”
Staff Writer Tammy Wells contributed to this story.
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