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July 23, 2009

Report predicts rocky market post-BNAS

By Mainebiz News Staff

A consultant has recommended the Midcoast Regional Redevelopment Authority acquire the land underneath the Navy housing units in order to lessen the impact of the Brunswick Naval Air Station's closing on the housing market.

MRRA members on Tuesday received the results of a six-month study performed by consultant Peter Roche and his partners, according to The Times Record. The report projected housing and rental vacancies to rise to 40% of the housing stock in Brunswick, as 606 military home owners and 1,459 renters leave the area, in addition to those families leaving the 702 base-associated housing units. Currently, the vacancy rate is 8%-10%.

The study also recommended the authority acquire the land underneath the 702 privatized housing units owned by Northeast Housing, a division of Balfour Beatty. Earlier this year, MRRA lost a bid to buy the housing, and Auburn developer George Schott has said he is in negotiations with Northeast Housing to buy the housing but a deal has not been finalized. The land underneath the housing is currently owned by the Navy, and Schott and MRRA have both expressed interest in acquiring it, according to the paper. Roche told MRRA that acquiring the land would allow it to exert some control over absorption rates and minimize negative impact on the housing and rental markets, according to the paper.

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