375-391 Civic Center Drive, Augusta, ME 04330

Augusta
Local realty services provided by:Better Homes and Gardens Real Estate The Masiello Group
375-391 Civic Center Drive,Augusta, ME 04330
$6,500,000
  • 15.08 Acres
  • Lots / Land
  • Active
Listed by: doug martin
Office: keller williams realty-metropolitan603-232-8282
MLS#:4986918
Source:PrimeMLS

Price summary

  • Price:$6,500,000

About this home

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...

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Home facts

  • Listing ID #:4986918
  • Added:637 day(s) ago
  • Updated:August 08, 2024 at 11:41 AM

Structure and exterior

  • Lot area:15.08 Acres

Utilities

  • Sewer:Public Available

Finances and disclosures

  • Price:$6,500,000
MLS LogoCopyright 2026 Prime MLS, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this Site comes in part from the IDX Program of Prime MLS. The information being provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated May 7, 2026

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