Developer: TIF and state award made Central Park Residences feasible

Rob Rankin, vice president of Rancorp, described the Central Park Residences project across from Sanford’s City Hall as a phased workforce housing development financed through a public‑private partnership.

Rankin said the original concept was 30 units across three small lots that had been deteriorating. He said the project faced a persistent financing gap during a period of rising interest rates and costs until the developer paired a local tax increment financing agreement with a Maine State Housing rural rental housing award.

"If it wasn't for our TIF, we wouldn't have been selected. It was the TIF that gave us the edge," Rankin said, describing that combination as the factor that made the project bankable.

Rankin gave unit details: 10 School Street will contain six one‑bedroom units; 12 School Street will contain 12 units (ten one‑bedroom and two two‑bedroom); 14 School Street is planned as a market‑rate second phase that depends on improved financing conditions. He said phases under construction are expected to be occupied early next year and that the developer aims to complete full construction by the end of 2026 if financing conditions improve.

Rankin described energy‑efficiency and safety features (solar, heat pumps, keyless locks, security cameras) and a streetscape partnership with the city tied to a RAISE grant to avoid duplicative work. He said sidewalks and planters will be installed to improve walkability and that the project will include granite curbs and wide sidewalks.

The developer said some planned mixed‑use storefronts were removed from early proposals because they were not bankable under current market conditions, and he emphasized extensive negotiation with city staff to reach the current design.