Bath sells school to Portland developer for housing
Bath City Council has approved the sale of the former John E.L. Huse Memorial School to Portland-based Szanton Co., which plans to convert the building into mixed-income rental housing.
The Forecaster reported the council approved selling the property for $150,000, which is about $25,000 less than the city’s asking price since deciding last spring to sell the 73-year-old school building.
The weekly newspaper reported that Szanton Co. plans to created 54 apartments on the site, which will include a new wing, and that approximately 25% would be rented at market rent and the rest to households meeting certain income requirements.
Szanton Co. has applied for an affordable housing tax credit through MaineHousing, the newspaper reported, and plans to close on the property by late spring 2016 if that application is successful. If not, the company’s sales agreement with Bath includes a one-year extension that would allow Szanton to apply for the tax credit again in October 2016 and close on the purchase in spring 2017.
Source: The Forecaster
Most Recent
Most Recent
Comments