Riverfront Development Opportunity

Description:

DEVELOPMENT OVERVIEW
Planned Multifamily Expansion
•    Two (2) Multi-Family buildings
•    Total Planned Units: 156 apartments
Existing Community Context
•    Part of larger 26+ acre Arden Mills redevelopment
•    Existing Phase I condominium community completed with 204 residential units
Site Characteristics
•    ±14.96 Acres
•    River frontage and wooded setting
•    Direct access from established community roadway system
•    Existing utility and infrastructure framework nearby


MARKET FUNDAMENTALS
The Fitchburg / Leominster market continues to
experience:
•    Strong demand for rental housing
•    Limited affordability for homeownership
•    Constrained housing inventory
•    Continued workforce housing need
These conditions support long-term rental demand and absorption potential.


Why This Opportunity Stands Out
•    Prior entitlement and development groundwork completed
•    Significant upside between land basis and stabilized value
•    Potential flexibility for:
1.Sale
2.Joint Venture
3.Recapitalization
4.Phased Development
Ideal Buyer Profile
•    Multifamily developers
•    Value-add / opportunistic investors
•    Senior living operators
•    Groups seeking partially entitled development opportunities
 




Why Multifamily Works Here
✓ Growing population with strong renter age demographics
✓ Median household income projected to exceed $82,000 by 2029
✓ Over 40% of residents fall within prime apartment-renter age groups
✓ Housing supply remains constrained throughout North Central Massachusetts
✓ Strong regional employment base and commuter accessibility
✓ High traffic counts and convenient access to major routes
✓ Unique riverfront setting with natural waterfall amenity
✓ Opportunity to create a destination-quality residential community unlike any other offering in the region
✓ Potential future condominium conversion strategy creating additional value beyond traditional multifamily development