WISCASSET – A Greenwich, Conn.-based company has bought a 431-acre parcel of undeveloped land formerly owned by Maine Yankee with plans to turn it into a technology business park.

Town officials announced Monday that National RE/sources completed its purchase of what is known as the Maine Yankee “backlands” property from the town. The company, founded in 1996, specializes in buying what it calls “environmentally impaired” properties and turning them into technology-based business parks.

Wiscasset residents last December authorized borrowing $2.7 million to buy and develop the site north of Ferry Road. The sale concludes a deal that had been in the works since December.

The development of the land is particularly important for Wiscasset because of its previous reliance on Maine Yankee as the largest taxpayer in town.

When Maine Yankee announced in 1997 that it would decommission its nuclear power plant 10 years earlier than expected, the town was left scrambling for new tax sources.

Wiscasset Town Manager Andrew Gilmore said town officials want to see development that fits the town’s character and fills the tax base that was lost.

“It is a chance for the town to diversify and grow its tax revenue portfolio,” Gilmore said. “It was no mystery that Wiscasset had become a one-horse town.”

The property will be developed into a subdivision that will be known as i.park at Point East. Work is under way to extend water and sewer lines to the site.

National RE/sources previously bought the former oil-fired generation facility known as Mason Station from FPL Energy. It says the two parcels in Wiscasset are its first venture in Maine.

“We are experiencing tremendous interest from potential tenants in both sites, and our local sales office in Wiscasset is hopping,” said Point East project manager Scott Houldin.