Prominent Midcoast developers buying downtown Rockport property
Two local developers have signed an agreement to purchase the Shepard Building in downtown Rockport in addition to two undeveloped lots on either side of the four-story brick building on Central Street that is home to two storefronts.
According to the Bangor Daily News, Stuart and Marianne Smith paid an undisclosed sum for the building which overlooks Rockport Harbor. The town recently assessed the property at $1.32 million.
Stuart Smith told the BDN that the building will continue to be leased to current tenants, adding that although there are no plans for the undeveloped lots on the sides of the building, he eventually wants to develop them into commercial properties.
The Smiths are behind several other investments in the Rockport and Camden area, including the Lord Camden Inn in downtown Camden and the 16 Bay View Hotel, also in Camden, according to the BDN.
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