Catylist ID: #30320860
Cascade Road 20 Acre Mixed-Use Development Site
Vacant Land for Sale
|Catylist Listing ID:||30320860|
|Property Subtypes:||Multi-Family, Office, Other|
|Gross Land Area:||20 Acres|
|Unit Price:||$40,000 Per Acre|
|In Opportunity Zone?||Yes|
|Land Splits Available:||Yes|
|Adjacent Parcels Available:||Yes|
|Sale Terms:||Cash to Seller|
Overview / Comments
This parcel has 1,375 +/- feet of frontage on Cascade Road approximately 1/4 mile from the intersection of Route 1 and Cascade Road. It is part of a larger 25 acre lot. The zoning allows for a wide variety of uses including retail, office, hospitality, and residential uses, The eastern portion of the parcel is also zoned with a Mobile Home Park overlay. It also appears possible to obtain a revised zoning designation which would allow for a wider variety of multi-family development. Zoning is currently under review by the City of Saco.
This a prime location near rapidly developing area along Portland Road.
At the same, the immediate surroundings are quiet and somewhat secluded, with tree growth and the adjacent Cascade Brook.
The property is in a Federal Tax Opportunity Zone (see attachment) which provides several NEW and VERY VALUABLE tax advantages for developing land.
The property is located within 500 ft +/- of public sewer and water. The land is largely covered with trees with certain areas selectively cut. It also abuts a 13+/- acre parcel to the west (Map 47, Lot 4) that is for sale by same Seller
The lot is part of a larger 24 acre parcel that inlcudes 4-5 acres on the northeast side of Cascade Brook This 4-5 acres is being marketed separately in connection to the lot on the corner of Cascade Road and Portlnd Road.
Note also the assessors map shows a one acre lot wholly enclosed by thie subject parcel. This lot (Map 48, Lot 6) is merged with and is included withthe subject
The intersection of U.S. Route One and Cascade Road is already serviced by traffic lights and turning lanes in all directions. The adjacent lot on the corner of Portland Rd. and Cascade Rd. is under contract to become a convnience/gas store.
Attachments & Media
|Nearest MSA:||Portland-South Portland|
|Taxing Authority:||City of Saco|
|Tax ID/APN:||Map 48 Lot 5|
|Zoning:||B-2A PLUS PART WITH MOBILE HOME PARK OVERLAY|
|Property Located Between:||Near intersection of U.S. Route One and Cascade Road|
|Legal Description:||Book 15267 Page 0421|
|Largest Nearby Street:||U.S. Route One|
|Feet of Frontage:||1,375|
|Highway Access:||1,200 +/- feet from U.S. Route One (Portland Road), 4 miles to I-95 Saco, and 6 miles to I-95 Scarborough.|
|Site Description:||Wooded, mostly flat land. 1,375 +/- feet of street frontage. Northern edge of parcel fronts on Cascade Brook. Areas of property have been selectively cut for ease of access. Suitable for sub-division. Vernal pool ispection shows NO vernal pools.|
|Area Description:||This and the adjacent 14 acre lot are located on the south corner of U.S. Route 1 & Cascade Road in Saco on the northern end of Saco's "Miracle Mile" of Roue 1 commercial development. the near-by area is rapidly developing with both new housing and retail. Route 1 is heavily traveled with over 16,000 VPD. Cascade Road is a primary access road to Old Orchard Beach, Dunegrass Country Club, and several areas of growing residential development. The Old Orchard Beach area attracts over 2 million visitors annually from the North East States and Canada. The Portland commercial core area and waterfront is a 15 minute drive north along with access to the jetport. Greater Portland, including the Maine Mall and downtown Portland, are the largest shopping and job location areas north of Boston. An extra advantage of this location is it has been designated as a "Opportunity Zone" under the 2018 Federal Tax Act. which allows for substantial tax benefit for new development including rollover of capital gains.|
|Lot Frontage:||1,375 +/-|
|Lot Depth:||280+/- avg|
|Zoning Description:||B-2a permitted uses include residential single family, multi-family, retail, hospitality, professional and business offices, gasoline sales accessory to a retail use, indoor recreation, financial institutions, private schools, nursery schools, radio tower, and many other business uses. Southeast portion of property is included in a Mobile Home Park overlay zone.|
|Easements Description:||Approx. 3 acre portion of parcel that is cleared area along Cascade Rd. is not inlcude in offer but could be added. This is sepated from the 20 acre section by Cascade Brook|
|Available Utilities:||Electric, Water, Sewer, Cable, Internet Access|
|Proximity:||3 miles||5 miles|
Tony ArmstrongSVN | The Urbanek Group NECPE Member
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