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375-391 Civic Center Drive, Augusta, ME 04330

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For Sale

$6,500,000

15.08 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Other Residential
    Property type

  • 15.1 acres
    Lot size

Explore this Property

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. 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 Augu
MLS# 4986918

Courtesy Of Keller Williams Realty Metropolitan
168 South River Road, Bedford, NH 03110
(603) 232-8282

Property Features

  • Architecture Style
    Other
  • Lot Size
    15.08 Acres
  • Roof Type
    Unknown

Map and Directions

Directions to 375-391 Civic Center Drive, Augusta, ME 04330

Home seller CENTURY 21 Venture Ltd.

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Venture Ltd.

(207) 622-6221
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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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