Active
375-391 Civic Center Drive
Augusta ME, 04330
$6,500,000
Active
15.08 Acres
Land
Courtesy of Keller Williams Realty Metropolitan
This exceptional opportunity presents a fully-approved site for a 250-unit multi-family rental housing development that is ''Shovel Ready.'' The package includes a significant property tax reduction and architectural plans, along with two street front Retail / Commercial sites valued at a total of $750,000.
Situated approximately 4,000 feet west of I-95 on Civic Center Drive, at the intersection of Leighton Rd. The current approved plans feature 125 X 1 Bed Jr, 118 X 1 Bed, and 8 X1 Bed plus units, along with 36 covered garage spaces.
While the residential configuration and site plan can be adjusted, the plan has been meticulously crafted by a renowned architectural firm to mirror the projects in Biddeford and Lebanon, NH.
The approvals from both the City and State for Tax Increment Financing and a Credit Enhancement Agreement (TIF/CEA) will reduce property taxes by approximately 65% for 25 years, yielding over $315,000 annually to the Net Operating Income (NOI).
The State Department of Environmental Protection (DEP) has pre-approved the project under the Site Location Development Act (SLODA), enabling immediate construction commencement without facing a delay of up to one year.
1589555
MLSⓇ ID
August 8, 2024
Listed
August 23, 2024
Updated
Map
375-391 Civic Center Drive
Augusta ME, 04330
Exterior/Building Features
Lot Size
15.08 Acres
Lot Features
Level, Open Lot, Near Shopping, Near Turnpike/Interstate
Sewer
Public Sewer
Other Property Details
Taxes
$3,034
Tax Frequency
Annually
Garage
No
Parking
Other, On Site, Off Street
View
No
County
Kennebec
Water Source
Public
Pool
No
Zoning
Contract Zone
Listing Contact: 603-770-5199
Courtesy of Keller Williams Realty Metropolitan
Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2024 Maine Real Estate Information System, Inc. All Rights Reserved. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Charlene Hamiwka shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
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Data last updated 6:04 PM UTC, 8/23/2024