375 391 Civic Center Drive
Augusta, ME 04330
- – beds
- – baths
- – sqft
- ~15 acre lot
- – on site
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.
Listing courtesy of MREIS / Keller Williams Realty Metropolitan
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Last updated May 14, 2024
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MLS# 1589555 —
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
5/14/24
May 14, 2024
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Listed / Active | MREIS | $6,500,000 |