375-391 Civic Center DR Active Save Request In-Person Tour Request Virtual Tour
Augusta,ME 04330
Key Details
Property Type Commercial Sale
Sub Type Multi Family
Listing Status Active
Square Footage 200,484 sqft
Price per Sqft $32
MLS Listing ID 1616103
Lot Size 15.080 Acres
Property Sub-Type Multi Family
Property Description
This exceptional opportunity presents a pre-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 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.
The project is inspired by ''The Marek'' concept pioneered by Saxon Partners, implemented in various communities across the East Coast and as far west as Colorado. It boasts amenities such as a fitness center, home office area, bistro bar, secure bike and package storage, sidewalks to the nearby Augusta Marketplace shopping area and job sites, elevated building, outdoor social areas with fire pits, easy access to walking/biking paths and Concord Trailways Bus Station.
Location
State ME
County Kennebec
Zoning Contract Zone
Interior
Equipment Internet Access Available
Exterior
Parking Features 21+ Spaces,On Site
View Y/N No
Building
Lot Description Public Transport Access,Near Turnpike/Interstate,Near Airport,Bus Line,Near Shopping
Sewer Public Sewer
Water Public
New Construction No