375-391 Civic Center Drive

375-391 Civic Center Drive

Augusta, ME 04330

$6,500,000
Price
656,884 / 15.08
Lot Size / Acres

Description

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,...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
  1. Listed by Doug Martin • Keller Williams Realty-Metropolitan

Property Details for 375-391 Civic Center Drive

Development / Subdivision
The Marek
Zoning
Contract Zone-250 Units

Location

Listing Courtesy of Keller Williams Realty-Metropolitan
Add your commute
LISTING UPDATED: 05/15/2024 07:01 PM

Property Details for 375-391 Civic Center Drive

StatusActive
MLS #4986918
Days on Market78
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand
Year Built-
Lot Size15.08 AC
CountyKennebec County

Location

Listing Courtesy of Keller Williams Realty-Metropolitan
Add your commute

Building Information for 375-391 Civic Center Drive

Lot Size15.08 AC

Payment Calculator

$35,473 per month

30 year fixed, 7.25% Interest

Principal and Interest

$35,473

Property Taxes

—

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 375-391 Civic Center Drive

Summary
Location and General Information
  • City: Augusta
  • County: ME-Kennebec
  • Latitude: 44.355307000001005
  • Longitude: -69.796481999999997
  • Road Frontage: Yes
  • State: ME
  • Street Designation: Drive
  • Map: 5
  • Zip Code: 04330
Taxes and HOA Information
  • Taxes TBD: Unknown
Property
Lot Information
  • Block: 00
  • Lot: 33, 34, 35 and 36
  • Lot - Sqft: 656885.0
  • Lot Features: Major Road Frontage, Sloping
  • Lot Size Acres: 15.08
  • Road Frontage Length: 500.0
  • Total Lots: 4
Property and Assessments
  • Current Use: No
  • Property Class: Land
  • Flood Zone: Unknown
  • Resort: No
  • Surveyed: Yes
Utilities
  • Electric: At Street
  • Sewer: Public
  • Water Source: Public
  • Utilities: Phone
  • Internet: High Speed Intrnt -Avail
Interior and Exterior Features
Exterior Features
  • Roads: Public

Property History for 375-391 Civic Center Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 375-391 Civic Center Drive

This home is within Augusta Public Schools.
Rating
School
Type
Grades
Distance
Sylvio J Gilbert School
Public - PK to 6
Cony Middle School
Public - 7 to 8
Cony
Public - 9 to 12
Lillian Parks Hussey School
Public - K to 6
Rating
School
Distance
Sylvio J Gilbert School
PublicPK to 6

Cony Middle School
Public7 to 8

Cony
Public9 to 12

Lillian Parks Hussey School
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

Homes for Sale near Augusta

Neighborhoods

Cities

ZIPs

More information about 375-391 Civic Center Drive, Augusta, ME 04330

375-391 Civic Center Drive is a 15.08 ac of land for sale in Augusta, ME 04330. This property was listed for sale on March 5, 2024 by Keller Williams Realty-Metropolitan, it's currently listed at $6,500,000. It has been on the market for a total of 78 days and was last sold on April 2, 2021. This listing's school district is Augusta Public Schools. Nearby schools include Sylvio J Gilbert School, Cony Middle School and Cony. 375-391 Civic Center Drive is a 0-bed, 0-bath, 15.08 ac of land on a 656,884 sq. ft. / 15.08 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing 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 Site 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 05/22/2024 09:35 AM