Catylist ID:
#30867370
Residence at Great Falls - 244 Units 100% Market Rate
Vacant Land
for Sale
Also listed as Multi-Family
| Catylist Listing ID: | 30867370 |
| Property Subtypes: | Multi-Family |
| Gross Land Area: | 6.88 Acres |
| Sale Price: | See Agent |
| Sale Terms: | Undisclosed, Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/8/2024 |
Overview / Comments
|
Approved Riverfront Project with 244 Units at 100% Market Rate 6+ acres boasting 800 feet of Androscoggin River frontage has received Full approval for a project that includes 244 units at market rate. This prime location is in proximity to two medical centers, St. Mary’s and Central Maine Medical Center, offering over 3,000 healthcare positions, as well as Bates College and the City’s Planned Riverfront Revitalization. Situated just minutes from I-95, the project has completed all necessary approvals and pre-development work. Additionally, Tax Increment Financing is available, providing a 63% tax reduction for 20 years. Lewiston, the second largest city in Maine, is experiencing population growth that surpasses the state’s average pace. Building A features 5 stories with 120 residential units and 49 parking spaces on the ground level. Building B features 4 stories with 124 residential units. There are a total of 246 onsite parking spots, 23 garage bays, plus an additional 50 overflow parking. Ammenties include: Fitness Center, Wellness studio, Entertainment areas, amd Work from home areas. All units are 1 bed, 1bed Jr, and some 2 beds (final mix TBD by developer) |
Attachments & Media
Additional Details
| Nearest MSA: | Lewiston-Auburn |
| County: | Androscoggin |
| Submarket Type: | Redevelopment District |
| Taxing Authority: | City of Lewiston |
| Tax ID/APN: | Map 206 / Lots 19, 27, 28 |
| Zoning: | CV CENTREVILLE |
| Property Located Between: | RT 95 and Androscoggin River |
| Property Visibility: | Excellent |
| Legal Description: | Map 206 / Lots 19, 27, 28 |
| Feet of Frontage: | 800 |
| Highway Access: | Minutes to I-95 |
| Airports: | Portland International Jetport |
| Site Description: | 800 ft overlooking the Androscoggin River. |
| Area Description: | Close proximity to Central Maine Medical Center, St. Mary's Regional Health Center, Bates College and the City's Planned Riverfront Revitalization. The population growth in this area is more than double the state pace. 3,000+ local health care jobs as well as Bates College leads to a strong demand for housing. |
| Lot Frontage: | 1030 |
| Lot Depth: | 361 |
| Zoning Description: | Lewiston Zoning CV Centreville is to encourage a concentration of economic enterprises in the central business district to attract retail service, financial, entertainment and to promote pedestrian traffic. |
| Development Name: | Residence at Great Falls -244 Units Fully Approved |
| Topography: | Level |
| Soil Type: | Other |
| Available Utilities: | Water, Sewer |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 18,363 | 47,849 | 59,530 |
| Median Age: | 30.97 | 36.87 | 38.35 |
| Households: | 7,926 | 20,394 | 25,186 |
Contact
Douglas C MartinKW Commercial, NHNECPE Member |
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