Catylist ID:
#30869891
| Catylist Listing ID: | 30869891 |
| Property Subtypes: | Mid-Rise |
| Building Status: | Proposed |
| Number of Units: | 172 Units |
| Building Size (RSF): | 104,940 SF |
| Sale Price: | See Agent |
| Property Use Type: | Investment |
| Sale Terms: | Undisclosed, Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/9/2024 |
Overview / Comments
|
The Lofts on Lowell is a premier residential development opportunity boasting a prime location in Maine's second-largest city, Lewiston, known for its rich history and vibrant community. This meticulously planned project offers an approved TIF and has been vetted for modular construction by a Maine based modular builder as an option for the developer with an estimated timeline for completion ½ that of the current pace of construction. This can help reduce the overall cost of the project and ensure units are available to the market faster. Highlights: • Permitted Residential Units: 172 • Total Lot Size: 0.18 Acres • Market Rate: 100% • Frontage: 177.75, 100 Ft on Lowell St and 77.75 Ft on Chapel St • Address: 3 Lowell St. Lewiston ME • Excellent Highway Access: Minutes to I-95 • Close Proximity: o Central Maine Medical Center (CMMC) o St. Mary’s Regional Health Center o Bates College o City’s Planned Riverfront Revitalization • Approvals and Pre-Development Work Completed • Population Growth – More than double the state pace • Employment: 3,000+ Local Healthcare jobs • Population: Second Largest City in Maine • TIF - Tax Increment Financing: 55% Tax Reduction for 20 Years • Attractive Financing Available • Projectd IRR: 23.8% |
Attachments & Media
Additional Details
| Nearest MSA: | Lewiston-Auburn |
| County: | Androscoggin |
| Tax ID/APN: | LEWI-000207-000000-000023 |
| Zoning: | CV |
| Property Condition: | Excellent |
| Number of Stories: | 6 |
| Year Built: | 2024 |
| Roof Type: | Flat |
| Parking Type: | Structure, Surface |
| Laundry: | In Each Unit |
| Part of Planned Development?: | Yes |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 16,166 | 47,849 | 59,530 |
| Median Age: | 32.19 | 36.87 | 38.35 |
| Households: | 7,268 | 20,394 | 25,186 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions. |
