Schott: BNAS housing deal close
Auburn developer George Schott's efforts to buy 702 Brunswick Naval Air Station housing units could reach fruition by the end of the month.
Schott told The Times Record that he has paid an undisclosed amount of earnest money for the housing and that he expects the deal to close Oct. 29. He has been negotiating with owner Northeast Housing, a public-private partnership between the U.S. Navy and UK-based Balfour Beatty, since July 2009 to buy the housing units in Topsham and Brunswick. It's a unique sale, since the land beneath the housing remains Navy-owned property. According to Schott, currently 40% of the 646 rentable units are occupied, while 56 units in Topsham are currently vacant and will be demolished.
Schott has also been in talks with the town of Brunswick and the Midcoast Regional Redevelopment Authority to ensure his plans for the housing are consistent with the town and authority's reuse goals. MRRA lost out on purchasing the housing units and in March asked Maine's congressional delegation to investigate Schott's pending deal, arguing MRRA would be better suited to managing the units' redevelopment.
Go to the article from The Times Record >>
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