WATERVILLE – The sky was the limit in Waterville as community members watched the final beam be placed on what will be the Lockwood Hotel.
Community members gathered Monday for a “topping out” ceremony, hosted by Colby College.
“This is an incredible day, you know five years ago literally we were in a room throwing ideas around, I always thought the most exciting was having a high quality hotel,” said Waterville Mayor Nick Isgro.
He said the idea for the hotel came out of politicians and business leaders coming together to re-imagine how the downtown could be.
The name comes from the former textile mill.
“The funding model is coming together, so the actual Lockwood Mill, which you can see right from the hotel, is going to be our next big economic development project,” said Isgro.
Colby College was the lead investor on the project, and while it gives parents of students a new option for a place to stay in town, officials hope it will bring other people to explore the area too.
“Well there are a number of hotels here, but it was really about thinking about the core of the city and how Waterville and the strength of its core could really come back,” said David Greene, the president of Colby College.
The project cost $26 million, and $12 million of that is going back into local businesses that are helping to build the Lockwood Hotel.
It will have 53 rooms, a restaurant and bar, add 60 new jobs, and project leaders said it will be a meeting place for people in the area.
The Lockwood Hotel is expected to open in the fall of 2020.