Ann & Hope

Premier Development was set to buy the former Ann & Hope mill for conversion into residential units and commercial space.

CUMBERLAND – The sale of the old Ann & Hope Mill off Broad Street is set to be consummated within the next week, after an extension between the seller and buyer on a Dec. 1 deadline.

Attorney Nick Goodier confirmed that the sale from the Chase family and Ann & Hope Inc. to David Corsetti and Premier Development should be completed as of Dec. 15, though he declined to provide any details including purchase price.

Premier Development is preparing to convert the vacant mill that previously housed the famous department store into hundreds of new residential units and some commercial spaces, including a restaurant.

No official plan has been submitted to the town as of yet, but officials are planning to consider an entire package in one sweep, likely at least one Planning Board meeting dedicated just to that topic. Applications will hopefully be in by the end of the calendar year, said Goodier this week.

Ann & Hope closed its outlet stores in the summer of 2020, weeks after a representative said there were no plans to shut down.

Officials have been providing feedback on various aspects of tentative plans for the mill’s redevelopment in preparation for the official submission, including emphasizing the importance of a commercial component to help further revitalize the Broad Street area.

Premier Development is the company behind a number of mill redevelopments in the area.

The town’s tax database shows eight properties owned by Ann & Hope Inc. in Cumberland. The main 500,000-square-foot property, with the 1886 mill, is assessed at $2.6 million.

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