The Goldman Group, a Boston-area real estate firm, has gotten approval from the Augusta Planning Board to redevelop the Olde Federal Building, at 295 Water St.
The plan is for a mixed-use apartment complex of about 25 units, street-level retail/commercial space, as well as a variety of lower-level office units. Apartment tenants will have access to amenities such as a fitness center and storage lockers, as well as a rooftop lounge that boasts river views.
“It was a pleasure presenting our redevelopment proposal for the iconic Olde Federal Building to Augusta’s Planning Board, and are grateful to have their support,” said firm said in a prepared release. “We look forward to our continued work with the city of Augusta as we develop the property into Augusta’s premier luxury apartment complex. Understanding its historical significance to the city, we are committed to enabling the broader community access and enjoyment of the building through functional ground-level commercial spaces, among other amenities. Our goal is to raise the standard and value of the area and the city at large, in addition to creating new employment opportunities and improving the quality of life for the community.”
Construction is set to begin at the end of 2023, with apartment and commercial space completed for rental by late 2024.
The Olde Federal Building has been a local landmark since it was built in the late 1800s. It has been home to the city’s court and post office and is listed on the National Register of Historic Places.
The 41,212-square-foot building went on the market for $2.65 million in July. The seller was Vickery Downing Associates Inc., a Maine-based real estate investment group that acquired the building 30 years ago.
The Goldman Group is a real estate investment, development and management company based in Chestnut Hill, Mass. The firm has over 80 years of experience in facilitating every stage of a property’s journey — from its purchase to its development to its management, rent or sale.
