LEWISTON – Location is supposed to be everything in real estate, but for developer Rick Tonoli, timing is just as crucial.

Tonoli, a Lewiston native, waited 16 years to develop a 35-acre parcel off Randall Road into one of the city’s biggest residential complexes. A mix of about 130 condominiums and 15 single-family homes, Chestnut Hill Estates is drawing interest from Portland, Augusta and even California, he said.

“The infrastructure costs were unbelievably expensive,” said Tonoli. The two access roads that wind through the complex cost $1.5 million, and all the utility and power lines are underground. “We had to feel comfortable that we could sell enough units to cover the infrastructure costs.”

No problem so far. Of the 32 condos already built, 31 are under contract. Prices range between $145,000 and $155,000.

“We expect to close in a couple of weeks,” said Tonoli.

For Tonoli, the wait has paid off. He bought the property in the late ’80s and acquired all the necessary permits in 1988.

Then the bottom fell out of the real estate market and didn’t begin to recover until the mid-’90s. Condos in particular weren’t moving in Maine; the demographics weren’t right.

That has changed. Tonoli said the project is attracting retired people who are selling their houses and buying condos because they want the ease of living in a maintenance-free home. Likewise, young working couples like the idea of owning their own homes, but don’t want to deal with mowing the lawn on the weekends.

Low interest rates have also helped with sales, as have escalating prices in other markets. Tonoli said the same units in Portland would be selling for 50 to 60 percent more.

But there’s something else that made the timing right – his hometown’s improved image.

“The bureaucrats in the city have done a significant job over the last four or five years improving Lewiston-Auburn. There are some exciting things going on,” he said, mentioning the city’s gateway projects and the Wal-Mart distribution center project.

It doesn’t hurt that the complex is 1 miles from the Lewiston turnpike exit and about 2 miles from the new Sabattus exit. Or that Tonoli and his builder, North Atlantic Construction, are making upscale units.

Each unit has centralized air conditioning, ceramic tiles, and shared walls that are more than a foot thick to give neighbors privacy. The occupants pick flooring, cabinets, wall coverings and appliances. Monthly condo fees are $120 a month and include cable TV.

Some of the townhouse units have two-car garages; all have private balconies and decks and intercom systems. A conventional unit has three bedrooms on the top floor with a full bath; a kitchen/dining area, living room, laundry, full bath and optional family room or fourth bedroom on the middle floor. The bottom floor has the garage and storage area.

Tonoli’s plan is to build the condos in phases. The first two phases call for four clusters of eight units each. The next phase will be clusters of four units. Then there will be a cluster of duplexes and finally the single-family homes. The single-family homes are expected to run between $275,000 and $400,000.

All told, Tonoli estimates about $25 million in new property assessments will be added to the tax rolls when the complex is finished. Some of that money will be coming from Californians who are buying units as real estate investments.

Tonoli thinks they’re making a wise choice. The bank appraisal on one of the $145,000 units came back at $180,000.

“They can spot value,” said Tonoli of the investors. “These are good quality units.”