14-acre Parcel Sold to be Redeveloped into 280+ unit Apartment Complex
Contact: Tom York
e: TYork@GomanYork.com
c: 860.416.2239
For Immediate Press Release
East Hartford, CT – January 2021 – The Town of Groton engaged GOMAN+YORK’s advisory and brokerage teams to provide a strategy to sell and redevelop the 14-acre property known as William Seely School. The 57,000 sq. ft. school, which has been vacant and underutilized for many years, is situated on a highly trafficked area at the junction of Interstate 95 and State Routes 12 and 184.
“The site provided an excellent development opportunity with its prominent location and Groton’s expanding workforce,” stated Rob Montesi of GOMAN+YORK. “We were pleased to bring the parties together to help formulate a deal that will add a much-needed, amenity-rich Class A multifamily product to the mix. Ultimately, the project, ‘Triton Square,’ should attract and entice many of the 80% of skilled and well-paid workers who have been living in other towns, to live in the Town of Groton, ultimately benefitting the town, the community, and its local employers.”
Former Seely School Property Challenges
- Vacant former school property had been for sale and costing the town money for over a decade.
- Complicated and expensive demolition of the existing building was necessary.
- Geotechnical challenges to develop the land.
- Previous development plans/deals had failed over the past several years.
GOMAN+YORK’s Planning and Processes
- Developed a targeted marketing plan and process seeking the highest and best use for the property that would provide multiple benefits and enhance the community.
- Participated in town administrative and public strategic planning and approval meetings.
- Managed the developer outreach, selection and negotiation processes.
Results
Property sale to Connecticut-based DonMar Development, for proposed development of 280+ -unit apartment complex, replete with many modern features and amenities, as well as public access to walking trails and potential development with adjacent property.
GOMAN+YORK represented the seller, the Town of Groton, in the sale to DonMar Development of North Haven, CT.
Goman+York Property Advisors LLC works at the leading edge of real estate and economic development. Our team of experienced, proven industry experts, led by principals R. Michael Goman and Tom York, formulates real-world market-driven solutions for public, nonprofit and private organizations. Goman+York delivers expert advice and high-value services to provide customized and cost-effective solutions in the delivery of real property engagements. Goman+York is New England-based in East Hartford, CT, with regional offices in Dallas and Phoenix. Visit: www.gomanyork.com
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Pictures: attached
R. Montesi Head shot
conceptual design of Triton Square