ORONO, Maine – University CU and town officials signed a formal agreement to redevelop a downtown site that once was home to the historic Katahdin Building.
During the next few months, the credit union will work with town officials to design a new building, prepare budgets and complete financing for the project. UCU President Matthew Walsh said he expects to break ground later this year or in early 2013.
The Katahdin Building, which was built in the 1820s, was gutted by a fire in August 2009. The site has been vacant ever since.
The agreement calls for the credit union to build a 16,000-square-foot building at the intersection of Main Street and Bennoch Road in Orono’s downtown. UCU would use about half the building as its new headquarters, while the other half would be leased to other businesses.
The site will feature a public plaza, parking facilities and a UCU building that is meant to be the new “focal point” for downtown Orono, officials said.
