COA purchases bike shop building, business to continue
College of the Atlantic’s acquisition of the buildings at 141 Cottage St., including the space housing Bar Harbor Bicycle Shop and seven apartments, will help provide permanent housing for faculty and staff.
By Annalise Sheppard | Mount Desert Islander
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.”