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The University of Maine is seeking new proposals to buy the Hutchinson Center in Belfast, after calling off an earlier deal to sell the real estate to a local church. Proposals are due by Nov. 1.
Respondents will be required to lease the space currently housing Networkmaine infrastructure back to the University of Maine System for at least five years so the organization can maintain internet connectivity for public schools, libraries and other institutions in Maine’s midcoast region.
The 11.6-acre property has an appraised value of $2.52 million and includes a 30,515-square-foot main building and 1,963-square-foot barn, the seller said in Friday's announcement.
Prospective bidders are invited to submit proposals, including the three Waldo County organizations that responded to the previous request for proposals. They are Cavalry Chapel Belfast, which was previously selected, and two thwarted bidders who formally objected to the decision.
To ensure a transparent sale process, the University of Maine System and University of Maine have pledged to hold a bidders’ conference this month and to provide interested parties the opportunity to submit written questions.
Any questions would be answered two weeks before proposals are due, with the responses to be posted online and available for the public.
UMaine said it hopes to announce the top-scoring respondent in November, and aims to start negotiations that month to finalize the sale.
The university issued a standard disclaimer saying the school can terminate the request for proposals or negotiations if they are proceeding in a manner that is not in the best interest of the public institution. A sale requires the approval of the University of Maine System board of trustees.
Since receiving the Hutchinson Center as a gift from Bank of America in 2007, the university has invested more than $14 million in capital improvements. That includes funding three-quarters of a large expansion project completed in 2009, for which UMaine still owes $885,000.
Details of the request for proposals are available here.
It is exciting to see that the sale of the Hutchinson Center in Belfast is attracting significant interest and new offers are now being accepted. This shows that real estate in this region remains in demand, even after the first sales attempt. It is obvious that this object can be very attractive to investors or organizations that see its potential for development.
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