Heritage River Village Development Site
Approved Residential Community | Multifamily & Seniors Housing | Undersupplied CT Market
Marketing description
Colliers is pleased to present the opportunity for a qualified developer to acquire the Heritage River Village development site at 203-249 Preston Road in Griswold, Connecticut. The mixed-use site is approved for 266 multifamily and single family attached housing units, 210 upscale active adult, independent living or service enriched assisted living and memory care units, up to 32,000 square feet of commercial space, and a 47,400 square foot health or medical complex. Located just 0.5 miles from Interstate 395, Heritage River Village is strategically located in an underdeveloped location between New London, Connecticut and Worchester, Massachusetts.
Please visit www.heritagerivervillagect.com for a full deal vault including offering memorandum and diligence information.
Investment highlights
Heritage River Village is an approved master plan that includes multifamily, senior housing and memory care, and commercial components providing a developer the ability to achieve a critical mass of mixed-use development in an underserved area of Eastern Connecticut.
The 32,000 square feet of approved commercial space supports a wide range of uses from medical and healthcare, grocery, dining and entertainment, banking, general retail, or professional office.
A major infrastructure investment from the State of Connecticut totaling nearly $9 million will bring water and sewer (USDA-funded) service to Heritage River Village along CT-164. The project is expected to be completed in Q2 2025.
To date, current ownership has completed multiple Market Studies, Environmental Reports, Department of Energy and Environmental Protection Protected Species Report, Archaeological Report, Geotechnical Report, and a Traffic Study.
Flexibility within the approved site plan allows a developer to adjust the multifamily unit mix and building count, as well as the level of services available in the age restricted component, as active adult, independent living, assisted living, and memory care are all approved uses for Heritage River Village.
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