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

May 14, 2024

Listed

July 13, 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


Buyer Agency Compensation

2%

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.

©2024 Maine Real Estate Information System, Inc. All rights reserved. 

Data last updated 10:53 AM UTC, 7/13/2024

 

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