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  5. ›RFQ- Federal Street - Development

City of Presque Isle·Maine

RFQ- Federal Street - Development

Closes 5/2/2025$1M – $5MRequest for Proposal
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Description

The City of Presque Isle is seeking a qualified developer to transform a vacant 3.27‑acre urban residential lot at 30 Federal Street into a mixed‑residential community that meets high‑quality, energy‑efficient, and affordable‑housing standards, with required green/recreational spaces. The developer must submit a sealed proposal that includes a conceptual site plan, timeline, financial capacity evidence, and required insurance/bond assurances. The property will be conveyed “as‑is‑where‑is” via quit‑claim deed, and the developer assumes responsibility for title search, utility connections, and compliance with all applicable regulations.

Attached files

Key dates

Opened
6/1/2026
Questions due
4/30/2025
Closes
5/2/2025

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
236210

Budget estimate

$1,000,000 – $5,000,000

While the solicitation does not disclose a payment amount, the project involves developing a 3.27‑acre site into ~20‑30 residential units. Assuming an average construction cost of $150‑200 per square foot for mid‑rise multifamily housing (≈15,000‑20,000 sf per unit), total construction costs could range from $45 million to $120 million. Typical developer profit margins on such projects are 8‑15 %, suggesting potential earnings between $3.6 million and $18 million. Because the City is not providing direct funding and the developer must finance the build‑out, the realistic net profit after financing costs may be lower, roughly $1 million to $5 million. This estimate reflects uncertainties in unit mix, market conditions, and financing structures.

AI estimate from the solicitation

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