The Center used impact investments to create 11 quality rental apartments to support Millinocket’s growth.

Investing in the Northern Forest

Investing in Millinocket Housing

The Northern Forest Center raised its first fund of $1 million in investment capital to create quality homes in Millinocket, Maine. Our team immediately put these impact funds to work by purchasing and renovating 6 dilapidated downtown properties, creating a total of 12 rental units. We will rent all the units for several years, then sell them to people looking to make a future in Millinocket.

This impact investment fund is now closed, and our new Northern Forest Fund is investing in community revitalization across the region.

This project continues to be successful on many levels. Demand continues to exceed supply for all 12 comfortable, high quality rental units and many of our tenants are either new residents or returning to Millinocket. Property valuations have risen 45% since the beginning of our investments, reflecting a growing sense of excitement and opportunity around town.

Renovating neighborhoods in Millinocket, Maine

100 Katahdin with finished siding.

The capstone to this effort is the top-to-bottom renovation of 100 Katahdin Avenue, a grand but long-abandoned home on Veteran’s Park within an easy walk to downtown stores, the elementary school and the library. The Center’s most ambitious Millinocket renovation project in Millinocket, 100 Katahdin Avenue now boasts three apartments with large windows and an environmentally friendly wood pellet heat system.

“The Fund has enabled the Center to fill a critical need in Millinocket, but we’re nowhere near done,” said Riley. The Center is now raising additional capital to focus on commercial real estate redevelopment.

The Center welcomes inquiries from people who would like to support Millinocket’s revitalization efforts. Please contact Lila Trowbridge Thorne for more information, or make a donation via the Center’s website or by mail to 18 N. Main Street, Concord, NH 03301.

Rob Riley, president of the Northern Forest Center, speaks on the Aspen Institute’s Aspen panel.

We owe our success to the generous investors who stand with us in supporting the future of Millinocket. We’re seeing great enthusiasm by individuals and foundations who want to make impact investments to advance the revitalization of our rural communities.”

– Rob Riley, Center President

Why We Invest in Millinocket

Millinocket’s economy declined steadily after Great Northern paper mill closed in 2008, eliminating the source of jobs that had created the town and drove the local economy. Over the years, the town’s population declined and home values plummeted, leaving blighted neighborhoods and discouraging investment in residential improvements.

Recent initiatives, including the designation of the Katahdin Woods & Waters National Monument, are stimulating Millinocket’s economy, yet employers and others in the community identified an urgent need to improve the quality and condition of in-town homes available for people who want to be part of the town’s renaissance.

We believe good quality housing is crucial to attract professionals to new job opportunities, to provide seasonal rentals for workers in the recreational industry as it grows, and to complement revitalization activities downtown and at the former mill site. Housing is only one piece of our work in Millinocket. Through strong partnerships with local partners such as the Millinocket Memorial Library and Our Katahdin, our team is committed to Millinocket’s regrowth through a variety of programs.

Want to learn more? Sign up for Community updates

You can receive updates about community investment projects, Bike Borderlands, active communities, grant opportunities, and more. Sign up today!

Staff Contacts

Lila Trowbridge Thorne

Senior Major Gifts Officer

Office: 603-229-0679