Lot/Land for Sale: 375-391 Civic Center Drive, Augusta, ME 04330

$6,500,000
$6,500,000
375-391 Civic Center Drive, Augusta, ME 04330
$6,500,000
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Price:
$6,500,000

Type Lot/Land
Lot Size 15.08 acres

City Augusta
County Kennebec
Subdivision The Marek

MLS 4986918
Status Active
DOM 262 days
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

Lot & Building Features

Utilities Phone
Sewer Public
Water Public
Lot Description Major Road Frontage, Sloping

Price History of 375-391 Civic Center Drive, Augusta, ME

Date Name Price Difference
03/05/2024 Listing Price $6,500,000 N/A
*Information provided by REWS for your reference only. The accuracy of this information cannot be verified and is not guaranteed.

Map of 375-391 Civic Center Drive, Augusta, ME

Location Map Street View
Photo of Sean Matousek
Direct: 603-505-0349
Office
PO Box 101
Merrimack, NH 03054
603-787-3155
Listed by Keller Williams Realty-Metropolitan, Doug Martin
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375-391 Civic Center Drive (MLS #4986918) is a lot/land listing located in Augusta, ME. This is a lot/land listing with a lot of 656,885 sqft (or 15.08 acres). This property was listed on 03/05/2024 and has been priced for sale at $6,500,000.

Nearby zip codes are 04344, 04347, 04351, 04355 and 04917. This property neighbors other cities such as Chelsea, Hallowell, Manchester, Readfield and Sidney.

PrimeMLS

Listing Last updated . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Walk Score map and data provided by Walk Score. Google map provided by Google. Bing map provided by Microsoft Corporation.

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Listing information courtesy of: Keller Williams Realty-Metropolitan

Copyright 2024 PrimeMLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this display comes in part from the IDX Program of PrimeMLS. The information being provided is for consumers. personal, non- commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 11/22/2024