$6,500,000 Price Analysis   ♡   Augusta, ME 04330 Unknown bed 0 bath unknown SqFt ($0/SqFt) 15.08 acre lot. Listed 2024-03-05 | Ⓧ USDA Ineligible due to property near Augusta |
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 p roperty 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-pproved 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
Presented by Doug Martin at
Keller Williams Realty Metropolitan - Bedford.
Property MLS #4986918 from PrimeMLS
Road Frontage Type: Yes
Roads: Public
Lot Size Square Feet: 656885
Calculated Total Monthly Association Fees: 0
County: ME-Kennebec
Source Property Type: Land
Source Neighborhood: The Marek
Subdivision: The Marek
Zoning: Contract Zone-250 Units
Source System Name: C2C
$6,500,000
PrimeMLS
Sewer: Public
Phone
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.