Issue link: https://nebusinessmedia.uberflip.com/i/1539582
V O L . X X X I N O. X X I S E P T E M B E R 2 2 , 2 0 2 5 16 A U G U S TA / WAT E R V I L L E / C E N T R A L M A I N E F O C U S e property is under option to Capitol Heights Center LLC. Campbell says he expects the deal to close by December. e plan includes a phase-one build of an 11,000-square-foot building with first-floor retail and garage units plus 58 market-rate apartments. Phase two will be a 12,000-square-foot building with retail and 60 market-rate apartments, bringing the total to 118 units. ere will be a standalone retail unit totaling 6,000 square feet, landscaping and a walking path. Capital Heights Center is also negotiating with a separate developer to build a 122-room extended-stay hotel. e first phase could break ground next spring and wrap up in 18 months. Market potential e near-term investment is estimated between $50 million and $60 million, with potential future spends. Financing includes bank loans and investor equity and a 30-year tax increment financing district, recently approved by the city council, with 100% of new taxes reimbursed to Capitol Heights Center for the first five years and 90% reimbursed for the next 25 years, with a $16 million cap. Campbell has extensive leadership background in the private and public sectors. He's led four companies, including an inter-modal transporta- tion business and a northern New England com- mercial real estate business. His public service » C O N T I N U E D F RO M PA G E 1 3 Consigli Construction Co., Inc. Construction Managers & General Contractors | consigli.com Building Maine's Most Complex Projects ©2023 Christian Phillips Photography LEARN MORE Colby College Johnson Pond Houses JOBS THE WORLD NEEDS. CAREERS PEOPLE LOVE. EXPERTISE THE MARKET DEMANDS. THEY ALL COME TOGETHER AT HUSSON. THEY ALL 1 COLLEGE CIRCLE | BANGOR, MAINE 207.941.7000 | husson.edu The site of the Capitol Heights Plaza development in Augusta. P H O T O / J I M N E U G E R