WISCASSET (AP) – 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.