Colby College, Alfond Foundation to Invest $20 Million in Waterville

Colby College in Waterville, Maine, and the Harold Alfond Foundation have announced a  $20 million investment in the ongoing revitalization of downtown Waterville.

A $10 million grant from the Portland-based foundation and a matching investment by Colby will support efforts to jumpstart and sustain development in the city, which also is home to Thomas College. The revitalization plan includes five properties Colby recently purchased for redevelopment as well as construction of a planned student apartment complex,  tech offices, retail space, and a hotel and restaurant.

"When this community steps forward and rolls up its sleeves," said Alfond Foundation board chair Greg Powell, citing the teamwork behind revitalization plans, "the foundation will step up to match your efforts."

Colby College president David A. Greene recalled the city’s commitment to the college when, in 1929, the community raised $107,000 to buy Mayflower Hill as the site of a new campus. "For that we’re eternally grateful," said Greene. "To be able to return that favor now is something that is important to us, and we’re glad to be able to do it with the help of the Alfond Foundation."