603-770-5199
375-391 Civic Center Dr, Augusta, ME for Sale
Commercial LAND - FOR SALE
1/9
656,885 SF

375-391 Civic Center Dr
Augusta, ME 04330


HIGHLIGHTS

  • Fully Approved 250 Unit Multi-Family Development
  • Tax Increment Financing & Credit Enhancement Agreement- Will Reduce annual tax liability by 65% for 25 yrs
  • EB-5 Financing
  • Two Street Front Commercial Sites valued at a total of $750,000
  • State approvals from DEP under SLODA enable immediate construction commencement
  • Close proximity to Univ. of Maine at Augusta, Maine General Hospital, Augusta Marketplace Mall, restaurants, banks and other retail establishments

OVERVIEW

This exceptional opportunity presents a pre-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 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 Augusta Marketplace shopping area and job sites, elevated building, outdoor social areas with fire pits, easy access to walking/biking paths and Concord Trailways Bus Station.

FOR SALE DETAILS

PRICE

Request Info for Price

# OF LOTS

-

LAND DETAILS

PROPERTY NAME

The Marek - 250 Unit Multi-Family Development

PROPERTY TYPE

Land

PROPERTY SUBTYPE

Commercial

LAND PROPOSED USE

Commercial, Retail, Office, Multi-Family, Apartment Units

LAND ACRES

15.08 AC

LAND SF

656,885 SF

OFFSITE IMPROVEMENTS

Sewer, Water, Electricity, Gas, Cable

ZONING

CONTRACT ZONE

APN/PARCEL ID

Map 5 / Lot 34,Map 5 / Lot 35,Map 5 / Lot 36,Map 5 / Lot33

ASK ABOUT THIS PROPERTY

Douglas MartinKW Commercial Real EstateMore Info
603-770-5199

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Douglas MartinKW Commercial Real EstateMore Info
603-770-5199

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.