Hathaway Center up for sale

The Hathaway Center, home to some Colby College faculty, staff, and student has recently been put up for sale. The building has 67 high-end apartments and 120,000 square feet of office and retail space.

A few years ago, the former shirt factory was transformed into an apartment and retail complex on Water Street in an attempt to jumpstart revitalization efforts in Waterville. Now, it’s listed as a five-story, 236,000 square foot old mill complex located near the heart of downtown on the Kennebec River. It is currently 83 percent leased. 

According to The Morning Sentinel, the city has assessed the value of the building and its parking lot to be about nine million dollars. Co-owner Paul Boghossian, who also owns adjacent former Central Maine Power Co. and Marden’s Industrial buildings, has claimed that there is “strong interest” in the structure. 

The Hathaway Center also houses stable commercial tenants such as MaineGeneral and Creative Consulting. According to Boghossian, apartments are currently listed for rent between $800 and $1,900 per month.

Student Tony Karalekas `18, a current resident of Hathaway, noted in an e-mail correspondence that numerous Colby coaches and professors live there. He calls the apartments “large” with “original factory windows and brick walls.” He chose to live in a single apartment this year in an attempt to find his own private space after living in dormitories for six years.

The building is apparently listed for sale because the owner desires capital to invest in neighboring buildings. Despite the building being up for sale, Karalekas noted a continuing “professional vibe to the property” due to the prevalence of MaineGeneral offices.

The original structure started as the Lockwood cotton-manufacturing mill in 1873, which operated until 1955. The Hathaway Shirt Company bought the building and repurposed it to be a factory in 1956. It ran until 2002 when it finally went out of business as the oldest remaining shirt factory in the United States. The building is currently in its third stage, after being turned into residential and office space in 2009.

With plans to change the flow of traffic through downtown Waterville in the near future, the Hathaway Center has the opportunity to connect itself even more with Main street. It’s majestic brick architecture and massive windows are marketable and valuable, and its furnishings are attractive to potential buyers.

With Colby’s new efforts to revitalize Waterville, Boghossian hopes to see the Hathaway Creative Center be an important part of the city. In an interview with The Morning Sentinel, he commented this about Waterville: “The city is on the move. It will look and feel like a very different place.”

Karalekas claims he would recommend the housing Hathaway offers to any Colby students. To him, “the worst part is not enough of my friends live there with me.” With Colby’s downtown efforts in the works, that could change soon.

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The Hathaway Center is home to many Colby faculty, staff, and students.