A recent success from our SVN Masiello Advisors
Plans for a 202-unit rental housing development were preliminarily approved almost a year ago in the Town of Brunswick, Maine. The proposed development is set to be built on a 15 acre piece of property, a former driving range, at 305 Bath Road across from Mid Coast Hospital.
The surrounding area consists of a variety of commercial uses and is bordered to the north by the Maine Central Railroad and US Route One. The Maine Department of Environmental Protection determined that a vernal pool, a pedestrian pathway, traffic access, and fire safety were not issues and the plans were finalized earlier this year.
Tony Armstrong located the site and helped the developers, A. R. Building Company, Inc., acquire the land from the former owner earlier this month. The final plans call for a 202-unit luxury apartment complex in four, four-story buildings. There will also be a clubhouse and over 300 parking spaces. Rental rates are projected to start at $1,400 for a one bedroom unit and $1,800 for a two bedroom unit.
Along with projects other developers are working on in the Brunswick Landing and Cook’s Corner area, about 500 units should be available in the coming year. These rental developments will help to alleviate the house shortage the area has been facing for some time.
Please contact our SVN team for more details