Real Estate
Hundreds Of New Apartments Could Be Built On This Groton Site
A property on the market for $11.5 million has big potential in Groton.
GROTON, CT — A large property for sale in Groton could accommodate 460 apartments, according to a real estate listing.
The 33-acre 1214 Gold Star Highway property is about five miles from Electric Boat, which has pledged to hire thousands of workers in the coming years. The property is listed for $11.5 million.
Related: Electric Boat To Hire 8K Workers This Year, Next Year: Report
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The site supports two- and three-story wood-frame construction with surface parking and no elevators. According to a real estate listing from Institutional Property Advisors, this enables "a lower-density, cost-efficient development profile."
The seller is L & L Groton, LLC, which is connected to READCO Property Management, an Old Lyme company, according to The Hartford Business Journal.
Find out what's happening in Grotonfor free with the latest updates from Patch.
READCO is developing Stonington Village, an affordable housing project.
Read more:Stonington Zoning Commission Approves Large Mixed-Use Project
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