375-391 Civic Center Dr Augusta, ME 04330

Property Details for 375-391 Civic Center Dr

Lot size

15.08 lot acres

Property type

Land

Description

This exceptional 15.08-acre development site in Augusta, Maine, offers a fully approved plan for a 250-unit multifamily rental community. The project includes two additional commercial lots totaling approximately 17,000 square feet, valued at $750,000. Located at 375-391 Civic Center Drive, approximately 4,000 feet west of I-95, this "shovel-ready" opportunity boasts significant advantages. The approved plan, designed by a renowned architectural firm, features a mix of one-bedroom and one-bedroom junior units, along with 36 covered parking spaces. While adaptable, the current design mirrors successful projects in Biddeford and Lebanon, NH. The City and State have approved Tax Increment Financing (TIF) and a Credit Enhancement Agreement (CEA), resulting in a 65% property tax reduction for 25 years, generating over $315,000 annually in added Net Operating Income (NOI). Pre-approval under the State Department of Environmental Protection's Site Location Development Act (SLODA) eliminates potential year-long delays. The project incorporates desirable amenities such as a fitness center, bistro bar, secure storage, and outdoor social areas. Its proximity to I-95, the Augusta Marketplace, Maine General Medical Center, Maine Veterans' Homes, numerous government agencies, the University of Maine Augusta, and public transportation ensures high occupancy potential. Public water and sewer are available. The site's "rural" designation opens possibilities for EB-5 financing. This development capitalizes on strong housing demand and a robust local employment base in the state capital. The substantial tax benefits and pre-approved status make this a compelling investment opportunity. The APN is Map 5 / Lot 33, 34, 35 and 36, Kennebec County, Maine, 04330.

Location Insight

City

Augusta

County

Kennebec

State

Maine

Longitude

-69.797

Latitude

44.356