Colleg of the Atlantic is the new owner of the property at 141 Cottage Street in Bar Harbor, prov...Colleg of the Atlantic is the new owner of the property at 141 Cottage Street in Bar Harbor, providing seven apartments for the school to make available for faculty and staff. Bar Harbor Bicycle Shop, a long-term fixture in town, will continue to operate under a new owner, who will lease the space from COA.

The $3.2 million sale will be paid from the college’s endowment and revenue streams over the coming years. The property will remain on the tax rolls at its current rate.

The plan for the property, according to COA president Darron Collins, is to provide permanent housing for faculty and staff. It’s a move that he says will ensure the highest-quality educators.

“For an institution [like COA] with 120 employees, the biggest question is where they’re all going to live,” Collins said. “This new housing will allow us to answer it.”

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