8
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$3,800,000
Est. payment /mo
5.24 Acres Lot
Active
21 Pawcatuck Avenue Stonington, CT 06379
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Key Details
Property Type Vacant Land
Sub Type Residential Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24195924
Annual Tax Amount $8,735
Lot Size 5.240 Acres
Property Sub-Type Residential Land
Property Description
The 5.24-acre property features the historic Clark Thread Mill building dating to 1899, just south of the first mill building converted in 2016 into 58 apartments known as The Threadmill. Current owners of the property have obtained approvals for another 58 units in the available building, with at least 58 more units indicated by the town as readily approvable on the vacant land. The property comes with State grant money of $4M to $6M to totally rehabilitate the building, State tax credits in the amount of $4.5M, and unlimited Federal tax credits of 20% of post-rehab construction costs, estimated to be another $6M. State tax credits can be available as cash upon completion of the project, while Federal tax credits can be purchased by tax credits investors for cash or rolled into a construction bridge loan.
Location
State CT
County New London
Zoning MC-80
Exterior
Utilities Available Cable, Electric, Gas, Telephone
Building
Lot Description Water View
Sewer Public Sewer In Street
Water Public Water In Street
Schools
Elementary Schools Per Board Of Ed
High Schools Stonington
Listed by Gregory Walwer • Academic Co-Realty Services
NEARBY SCHOOL & BUSINESS
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