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May 7, 2012

Former base land deal finalized

Developer George Schott has bought the land beneath former Brunswick Naval Air Station housing for $3.35 million. Schott's company, Affordable Midcoast Housing, and the Midcoast Regional Redevelopment Authority closed the deal Thursday, according to The Times Record.

The deal gives Schott control of 240 acres underneath approximately 700 former military housing units, which he bought from Northeast Housing in 2010. The land underneath was still Navy-owned and transferred to MRRA when the base was decommissioned last year. MRRA in November 2011 approved the land sale to Schott, but the towns of Brunswick and Topsham still had to sign off on it. Schott plans to sell some of the houses, starting with 19 homes on McKeen Street in Brunswick; the deal stipulates that he must sell the rest off in phases of around 40 homes over the next five to six years, according to the paper. The houses are valued at $100,000 to $140,000.

MRRA will retain ownership of 12 units on former base property.

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