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.

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
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

View FullscreenMap

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


Photograph of Listing Agent

Douglas C Martin

KW Commercial, NH
NECPE Member
© 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.