Auburn, ME Colliers sold 0 Stetson Rd. for $1.5 million, according to the Androscoggin County Registry of Deeds. Mike Cobb of Colliers in Maine, represented the seller, Concord General Mutual Insurance Company.

The sale marks a milestone in the city’s ongoing residential and economic growth. The 30.61-acre parcel, zoned general business, offers 1,975 ft. of frontage along Stetson Rd., making it a location for development. A.R. Building Company plans to develop a 160-unit residential community on the site, featuring a mix of duplexes and quadplexes. This marks the developer’s second housing project in the city.

The project highlights the city’s rising prominence as a business and residential destination in Central Maine. With a five-year construction moratorium along Stetson Rd. set to expire this month, the timing of the acquisition positions the buyer to move quickly once the restrictions are lifted.

The city has prioritized housing development to meet increasing demand, and the Stetson Rd. project is expected to become the largest residential development approved to date within the municipality.