Catylist ID:
#30866961
The Marek - 250 Unit Multi-Family Development Fully Approved
Vacant Land
for Sale
| Catylist Listing ID: | 30866961 |
| Property Subtypes: | Multi-Family, Office, Retail, Retail-Pad, General |
| Gross Land Area: | 15.08 Acres |
| Sale Price: | See Agent |
| Land Splits Available: | Yes |
| Sale Terms: | Undisclosed, Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/11/2024 |
Overview / Comments
|
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 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. |
Attachments & Media
Additional Details
| Nearest MSA: | Augusta-Waterville |
| County: | Kennebec |
| Taxing Authority: | City of Augusta, Maine |
| Tax ID/APN: | Map 5 / Lot 33, 34, 35 and 36 |
| Zoning: | CONTRACT ZONE FOR 250 UNITS PLUS 2 COMMERCIAL LOTS |
| Property Located Between: | Interstate I-95 and Belgrade Road |
| Property Visibility: | Excellent |
| Legal Description: | 4 Separate Lots that have been approved for one development. There are 2 deeds |
| Largest Nearby Street: | Civic Center Drive |
| Feet of Frontage: | 500 |
| Traffic/Vehicle Count: | 15,760 |
| Highway Access: | I-95 access is directly off Civic Center Drive - approximately 3/4 mile from the site |
| Airports: | Augusta State Airport and Portland International Jetport |
| Site Description: | Mostly level fields which makes site work relatively easy |
| Area Description: | The immediate vicinity boasts convenient access to I-95 (within 4000 feet), the Augusta Marketplace Mall housing over 40 stores (the second largest shopping area in Maine), The University of Maine at Augusta Campus, the Augusta Civic Center, multiple state and federal offices, and medical service facilities. Additionally, Maine General Hospital, with 3,000 employees, is situated approx. half a mile from the site, along with a new Maine Veterans Home. The area also features several hotels, banks, restaurants, and other retail establishments. Notably, the location is a 50-minute drive from Portland and Penobscot Bay Area, 70 minutes from Bangor, and 90 minutes from the Sugarloaf Mountain Ski Complex. |
| Lot Frontage: | 500 ft |
| Lot Depth: | 1350 |
| Zoning Description: | The property received a Contract Zone approval allowing for up to 250 units of residential multi-family housing and two commercial lots. The project has received State DEP, US Army Corps and local site plan approval. |
| Development Name: | The Marek - 250 Unit Multi-Family Development |
| Topography: | Level |
| Soil Type: | Mixed |
| Available Utilities: | Electric, Water, Gas, Sewer, Cable, Internet Access |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 1,252 | 12,412 | 21,195 |
| Median Age: | 44.14 | 41.81 | 44.07 |
| Households: | 547 | 5,907 | 9,732 |
Contact
Douglas C MartinKW Commercial, NHNECPE Member |
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