375-391 Civic Center Drive, Augusta, ME, 04330
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.
Status:
Active
Type:
Lot / Acreage
Zoning:
Contract Zone
Frontage:
500
Parking:
Other, On Site, Off Street
Acreage:
15.08
Est. Taxes:
$3,034
Lot Description:
Level, Open Lot, Near Shopping, Near Turnpike/Interstate
MLS #:
1589555
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Listing courtesy of Keller Williams Realty Metropolitan