T. 860-662-6493 text | call
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Presented by Mary Vi Homes Connecticut
ViBergman, LLC
Licensed in CT as ViBergman, LLC Real Estate Connecticut

21 Pawcatuck, Stonington, CT

$3,800,000

T. 860-662-6493 text | call
Hello@MaryViHomes.com
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21 Pawcatuck, Stonington, CT

Overview

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.

Property Details

MLS Number 24195924
List Price 3800000
Status Active
Property Type Lots and Land For Sale
Property Sub Type Residential Land
Acres 5.24
Water Source Public Water In Street
Sewage System Public Sewer In Street
Direct Waterfront YN 1
Location Suburban
Days on Market 91
T. 860-662-6493 text | call
Hello@MaryViHomes.com
Mary Vi crest
21 Pawcatuck, Stonington, CT

If you are interested in this property or would like to learn more, please contact Mary Vi Homes Connecticut at Hello@MaryViHomes.com or by calling 860-662-6493.