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August 13, 2012

Sales begin of former Navy housing

Developer George Schott, who bought the land beneath former Brunswick Naval Air Station housing for $3.35 million this May, is following through on his commitment to sell the homes slowly to prevent flooding the local housing market.

Schott's company, Affordable Midcoast Housing, purchased approximately 700 former military housing units from Northeast Housing in 2010. But the land underneath at that time was still owned by the Navy; it later was transferred to Midcoast Regional Redevelopment Authority when the base was decommissioned in 2011. After buying the land from MRRA, Schott agreed to sell off the properties in phases of about 40 homes over the next five to six years.

According to the Bangor Daily News, Schott's company has closed on 15 homes, all on McKeen Street in Brunswick, with prices ranging from $104,500 for a duplex to up to $154,500 for a single-family home with several bedrooms. Three more sales are pending, which would leave only one house on McKeen Street remaining for sale, the newspaper reported. Most of the new owners are reported as being retired or young people buying their first home.

MRRA Executive Director Steve Levesque said Schott's plan of selling affordable housing for young families is aligned with the strategy for the housing that was developed early in the redevelopment process.

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