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City of Saco·Maine

Sale and Rehabilitation / Redevelopment of Real Estate - 90 Temple Street, Saco, ME 04072

Closes 8/14/2020$300k – $1.5MRequest for Proposal
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Description

The City of Saco is offering a historic 1890s Queen Anne‑style residence and its ~0.25‑acre parcel for sale “as‑is” and is seeking developers to submit proposals that rehabilitate the property while preserving its historic character. The city encourages the use of historic‑preservation financing (federal tax credits, Maine Preservation programs, etc.) and will give preference to proposals that present the best overall redevelopment plan for the community. No minimum bid is required; bidders must submit an offer of payment along with a detailed redevelopment plan, proof of financial capability, and a strategy for leveraging preservation funding. The property has suffered extensive fire damage; structural engineering and preservation reports are provided as attachments. Site visits are available by appointment through August 13, 2020. • Property: ~0.25 acre with a 4,000 sf Queen Anne house (fire‑damaged) and carriage house/apartment. • Goal: Sale “as‑is” with buyer assuming all risks; city seeks highest and best use, historic preservation, and use of tax‑credit financing. • Requirements: Full redevelopment proposal, historic‑preservation funding plan, financial capability evidence, offer of payment (no minimum). • Attachments: Structural engineering assessment, Maine Preservation findings, consultant listings. • Timeline: Questions due Aug 12, 2020; proposals due Aug 14, 2020; site visits through Aug 13, 2020.

Attached files

Contact

Emily Cole-Prescott(City Planner)

[email protected]

Key dates

Opened
6/26/2020
Questions due
8/12/2020
Site visit
8/13/2020
Closes
8/14/2020

Last updated

Details

Type
Request for Proposal
Industry
Real Estate
NAICS
531210

Budget estimate

$300,000 – $1,500,000

The city does not disclose a target sale price; however, comparable historic property sales in Maine range from $200 k to $800 k for land alone, and developers typically earn a fee of 10‑15 % of the total redevelopment cost. With an estimated rehabilitation cost of about $1.6 million, a realistic total contract value (sale price + development fees) could fall between $300 k and $1.5 million.

AI estimate from the solicitation

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