OLD LYME — UPDATE ON 08/15: We note today from this property’s online listing that the auction date has been moved from the previously announced August 23-25 to September 6-8. There is no explanation given on the listing for the delay.
The The Old Lyme shopping center has been put up for sale via an online auction opening September 6 (previously August 23.)
Ten-x.com North East Private Client Group manages the sale and the details of the property are listed as follows:
Main property type: Detail
Gross area (square feet): 50 223
Occupancy on date: 06/07/2022
Bidding opens August 23 and closes August 25, with a starting bid set at $1.5 million.
The property is being marketed according to the agent’s description as “Conveniently located immediately off Exit 70 off I-95 (ADT 59,000) on U.S. Route 1 (ADT 11,000) in the heart of a commercial corridor and main detail”. The description also states that “annual consumer spending within 5 miles exceeds $435,000,000”.
The potential sale was mentioned at the Old Lyme Board of Selectmen’s meeting yesterday by members of the Halls Road Improvement Committee (HRIC), who presented their Halls Road Overlay District (HROD) proposal to the selectmen.
Asked this morning about her reaction to the planned sale, HRIC chairwoman Edie Twining replied by email: ‘If you look at the advert they keep saying how convenient it is for the motorway. [That could likely mean] More gas stations??
She added: “So until this overlay [the proposed HROD] is in place, that [property] is most attractive for highway service places and the like. If we had the overlay, freeway-focused developers would have to compete for space with those who want to pursue our vision: – retail first with multi-family residential, with its best return on investment. »
Twining concluded optimistically: “We aim to submit our application for the Halls Road Overlay District in September. After a few fruitful meetings with the [Old Lyme] Zoning Commission, I hope that will become a reality this year.
Editor’s note: We will have more about the Halls Road Overlay District in a future article.