RUMFORD — A ceremony was held Tuesday morning to close on a property at 50 Prospect Ave., the future home for the Best Western Plus Rumford Falls hotel.

“We have all the permits and everything is ready to go,” said Tony Carter, president of Pennacook Falls Investments Ltd. “We plan on breaking ground in March.”

He is leading over a dozen investors in developing the four-story, 60-room hotel.

When the project was first presented in June, Carter estimated the cost of the hotel at between $5 and $7 million. He estimated an opening by Columbus Day of 2017, “but everything has to go right.”

“We think we’re within 60 days of completing financing,” he said.

Carter said they’re still looking for “a couple larger investors” and he has four upcoming meetings with potential ones.

“We have all the seed money we need and we have a large investor that’s going to take care of the whole property,” he said.

The property was purchased from MJH, LLC.

Roger Whitehouse of Riverside Realty said the property has been on the market since 2003.

People are inquiring about available space in downtown Rumford, he said. “We’re on the cusp of change, finally.”

“Our vision and mission has been to revitalize Rumford,” Carter said. The group owns land across the street, which could possibly be the site of a restaurant.

He said the hotel would create 25 to 35 permanent jobs.

Carter said they’re working with the Casalinova Development Group LLC of Oxford and with Building Solutions, also of Oxford.

bfarrin@sunmediagroup.net