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.
- Property TypeLand
- NeighborhoodN/A
- CountyKennebec
- Taxes$3,034
- HOA/Condo/Coop Fees$0
- Days on Site31 Days
- MLS StatusActive
- MLS ID Number1589555
- Home Size Source N/A
- Year BuiltN/A
- Lot Size15.08 Acres
- Full BathsN/A
- Partial BathsN/A
Sell your house quickly!
Get multiple potential cash offers for your home. Fast and hassle-free!
Learn MoreRecent Activity For 375-391 Civic Center Drive Augusta, ME 04330
a month ago | |
a month ago |
Don't miss a thing!
Get updates on new activity for this listing
General Features
- Parking OtherOn SiteOff Street
- Sewer Public Sewer
- Acreage 15.08
- Water Public
- Zoning Contract Zone
Exterior Features
- Waterfront Property No
- Lot LevelOpen LotNear ShoppingNear Turnpike/ Interstate