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  5. ›Sale and Development of Real Estate-12 School Street…

City of Saco·Maine

Sale and Development of Real Estate-12 School Street, Saco, Maine

Closes 2/5/2024$200k – $500kRequest for Proposal
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Description

The City of Saco is offering its vacant historic United Methodist Church at 12 School Street for sale to a qualified developer who will purchase and adaptively reuse the 0.15‑acre site. The RFP does not prescribe a specific program; developers must submit a comprehensive development proposal that includes a “highest and best use” statement, a negotiated purchase offer, detailed design and phasing plans, job‑creation estimates, financing proof, and evidence of experience with similar historic or mixed‑use projects. The property is located in a downtown historic district with broad zoning allowances (residential, commercial, institutional) but is conveyed “as‑is, where‑is” with no warranties, requiring the winning bidder to assume all code‑upgrade, parking, and environmental remediation costs. • Required deliverables: purchase price offer, development plan (use, schedule, phasing, tenants, job creation), financial capability documentation, and a formal letter of interest. • Evaluation criteria focus on economic‑development potential, developer qualifications, and the negotiated sale price. • Key dates: RFP issued Nov 8 2023, questions due Jan 19 2024, proposals due Feb 5 2024, award expected March 2024, purchase‑sale negotiations through April 2024. • Risks: “as‑is” conveyance, historic‑district restrictions, lack of off‑street parking, and need for ADA/fire‑life‑safety upgrades.

Attached files

Contact

Tracey Desjardins(Economic Development Director)

[email protected]

(207) 710-5009

Key dates

Opened
11/8/2023
Questions due
1/19/2024
Closes
2/5/2024
Projected award
3/1/2024

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
531210

Budget estimate

$200,000 – $500,000

The city’s assessed value for land and building is about $235,000, and the sale price will be negotiated (likely in the $200k‑$300k range). Redevelopment of a 7,000 sq ft historic building typically requires $1‑$2 million in renovation and fit‑out costs. Assuming a developer aims for a 15‑25% profit margin on total invested capital, the potential earnings could range from roughly $200,000 on the low end to $500,000 on the high end, depending on the final purchase price, scope of renovation, and market conditions.

AI estimate from the solicitation

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