AUGUSTA —Gov. John Baldacci signed over ownership today of the historic Kennebec Arsenal to a private developer.

Speakers at a riverfront ceremony predicted development of the eight granite block buildings and nearly 20 acres that comprise the former federal arms repository will catapult a renaissance of Augusta’s downtown.

Plans call for a new wharf, walking trails and public access to the site.

“The last time this property changed hands it took an act of Congress,” said state Commissioner of Administrative and Financial Services Rebecca Wyke. “That was in 1905 when the property was transferred to the state of Maine. "

Baldacci thanked lawmakers who supported a special $2 million historic preservation tax that helped finance the project, city officials who supported a 25-year property tax break, and the developer — Niemann Capital of North Carolina.

Baldacci presented company president Tom Niemann with a symbolic gold key to the arsenal.