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DEVELOPMENT HIGHLIGHTS
+ APPROVED MARKET-RATE DEVELOPMENT OPPORTUNITY Seacoast Residences is a fully market-rate development
opportunity located just off I-95 (exit 1) in Kittery, ME. The southernmost town in the state of Maine, Kittery neighbors Portsmouth, NH and is just an hour to Boston, MA, Lake Winnipesaukee, NH and 45 minutes to Portland, ME. This site is part of the town’s new mixed-use neighborhood zone, where preliminary plans for 303 units of residential housing over the 23-acre site were unanimously accepted by the Planning Board.
+ TAX INCREMENT FINANCING The project is located within a tax increment financing district and has an application pending to potentially recoup upwards of $4mm of development costs from future property taxes.
+ EXCELLENT HIGHWAY & EMPLOYMENT The site sits just 500 feet off I-95 (exit 1), with visibility along the southbound side of the Interstate. Pease International Tradeport and Airport in neighboring Portsmouth, NH is the employment hub of the area with five million sf of office space and nearly 100 different companies just three miles from Seacoast Residences. Overall, there are 200,000 jobs within 30 minutes of the site, and 1.2 million jobs within 60 minutes.
+ SCENIC COASTLINE & ABUNDANCE OF NEARBY AMENITIES With amazing history dating back to 1623, Kittery was first settled and established as a fishery and has since grown into a great retail destination with the Kittery Outlets, while it’s coastline and waterfront amenities make it a very desirable location. Downtown Portsmouth is also just two miles from the site offering numerous cultural and retail amenities. Portland, ME is also just a 45 minute drive to the north.
Capital Markets | Multi family
FOR SALE
SEACOAST RESIDENCES EXIT 1 OFF I-95: 76 DENNETT ROAD, KITTERY, ME / PORTSMOUTH, NH METRO
300+ Unit, Approved Market-Rate Development Opportunity
DEVELOPMENT SUMMARY
CBRE Capital Markets has been exclusively retained to sell the development site of Seacoast Residences (also known as 76
Dennett Road) in Kittery, Maine.
FOR SALESEACOAST RESIDENCES
Site, Access & Viability The 23.34 acre site has excellent access along Dennett Road, just 500 feet from I-95 (exit 1), with
visibility from the Interstate (70,000 ADT).
Development Plans Approved for 303-units of fully market-rate housing + 3,000 sf of optional retail in 4 four-story
buildings. Additionally, there are plans for a free-standing leasing and amenity building with
resort-style swimming pool and sun deck, as well as 30 garage spaces in six buildings.
Tax Incentivized Site The site is located within a Tax Increment Financing (TIF) district designed to encourage
development in Kittery. The site has an application pending with the Town of Kittery to take part
in the TIF program which will allow a developer to recoup certain project costs (estimated at
upwards of $4mm) from the property taxes incurred on the site over a 10 year period.
SITE PLAN
76 DENNETT ROAD
Kittery, ME 01890
95
1
Dennett Road
KITTERY, ME
Spinney Creek
Piscataqua River
Portsmouth International Aiport
Great Bay Community College
Downtown Portsmouth Restaurants Ka�ee Vonsolln
PORTSMOUTH, NH
Exit #1
Exit #3
Exit #2
Kittery Historical & Naval Museum
Golden Harvest Market
SEACOAST RESIDENCES
N
Great Cove Boat Club
Pease International Airport & TradeportHome to 100 Companies
WE ARE OFFERING THIS DEVELOPMENT OPPORTUNITY FOR SALE WITHOUT AN ASKING PRICE, AND WILL BE CONDUCTING TOURS AND MEETING OVER THE COMING WEEKS WITH A CALL-FOR-OFFERS TO FOLLOW SHORTLY THEREAFTER.
STRONG EMPLOYMENT & HOUSING TRENDS
Southern Maine and the NH Seacoast total over 500,000 jobs, stretching from the Massachusetts state border (20 minutes south) to
Portland, ME (45 minutes north). There are some 30 million sf of office and 40 million sf of industrial space across this corridor, with
Portsmouth, Dover and Portland being the major employment hubs. As of September 2019, this area had an unemployment rate of just
2.2%, which is lower than both the state of Massachusetts (2.9%) and the US (3.3%).
Each just minutes from Dennett Road, major nearby employers include Liberty Mutual, John Hancock, CSI Engineering, Bottomline
Technologies, Loftware, CA Technologies, Lonza Biologics, SNHU-Portsmouth, Erie Scientific, NESC Staffing, Portsmouth Regional
Hospital, VA Hospital Portsmouth and York Hospital. 2 miles away is the Portsmouth Naval Shipyard, with 6,000 civilian employees and
1,000 enlisted servicemen and women. Additionally, there are numerous highly demanded service jobs in the area with over 20 hotels
and 100 restaurants in Portsmouth and Kittery alone.
With a robust employment market and desirable coastal location, the housing market has remained extremely strong. Throughout
Southern Maine and the NH Seacoast, apartment rents have increased 5.4% over the last year across all classes, while averaging a 97.3%
occupancy. Throughout Kittery and Portsmouth, rents at newer communities are averaging $3 per sf, while condo prices are averaging
$500 per sf.
© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.
SIMON BUTLERVice Chairman617.912.6923 [email protected]
BIRIA ST. JOHNVice [email protected]
JOHN MCLAUGHLINFirst Vice President617.912.6926 [email protected]
JOHN KELLY DEBT & EQUITY
Executive Vice President 617.912.7082 [email protected]
Dennett Road
Spinney Creek
Portsmouth Naval Yard
KITTERY, ME
Piscataqua River
95
Exit #3
Exit #2
Exit #1
Kittery Historical & Naval Museum
Portsmouth Harbour
SEACOAST RESIDENCES
N
Exit #7
Downtown Kittery Waterfront
Great Cove Boat Club
1
95
Downtown Portsmouth Restaurants Ka�ee Vonsolln
PORTSMOUTH, NH
NEWCASTLE, NH
Wentworth by the Sea
FOR SALESEACOAST RESIDENCES
76 DENNETT ROAD
Kittery, ME 01890
CONTACT US
Capital Markets | Multi family