375-391 Civic Center DriveAugusta, ME 04330MLS Number 1589555

  • Price: $6,500,000
  • Est. Mortgage of $/month
  • 35 Days on Market
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Federal 30-year interest rate: 6.35% last updated on Sep 5, 2024
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
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375-391 Civic Center Drive Augusta ME 04330375-391 Civic Center Drive Augusta ME 04330375-391 Civic Center Drive Augusta ME 04330
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  • 15.08Acreage
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.
Listed by Keller Williams Realty Metropolitan

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Tax Information

  • Tax Book Number 13956
  • Tax Lot33,34,35, and 36
  • Tax Map Number 5
  • Tax Year 2024
  • Taxes$3,034

Property

  • Lot Size SourcePublic Records
  • Road FrontagePaved, Public

Utilities

  • Electric On Site
  • Sewer Public Sewer
  • Water Source Public

Amenities

  • Mls StatusActive
  • Other AmenitiesFireplace

Other

  • Date Listed08/08/2024
  • View Count33

Parking

  • Parking Features Other, On Site, Off Street

Location

  • Address375-391 Civic Center Drive
  • Building Number375-391
  • CountyKennebec
  • DrivewayOther
  • Latitude44.35529
  • Longitude-69.796597
  • StateME
  • StreetCivic Center Drive
  • TownAugusta
  • Transportation Major Road Access
  • Zip04330

Legal

  • ZoningCONTRACT ZONE

Photos

  • Number of Photos3

Basic Information

  • Agent ID023848
  • Broker ID3136
  • Broker NameKeller Williams Realty Metropolitan
  • List Price$6,500,000
  • LocationTypeNear Shopping, Near Turnpike/Interstate
  • MLS Number1589555
  • Modification Date08/08/2024
  • Property TypeLand

Property Information

  • Acreage15.08
  • Lot Features Level, Open Lot, Near Shopping, Near Turnpike/Interstate
  • Lot Size Area 15
  • Lot Size Square Feet 656,884
  • Lot Size Units Acres
  • Site Level, Open

Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, non commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. ©2024 Maine Real Estate Information System, Inc. All Rights Reserved. equal opportunity housing logo   Privacy Policy

All Maine Homes participates in ©2024 Maine Listings Internet Data Exchange program, allowing us to display other Maine IDX Participants' listings. This website does not display complete listings. Certain listings of other real estate brokerage firms have been excluded. Mortgage figures are estimates. Check with your bank or proposed mortgage company for actual interest rates. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

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