12 Water St, Groton, CT 06355

The Location

•Mystic draws 4M+ annual visitors — a true destination, not just a market

•Nationally recognized Main Street; home to Mystic Seaport Museum and Mystic

Aquarium

•Walkable coastal village with historic character that has remained intact for 200+

years

•Strong second-home, retiree, and remote-worker buyer profile extending well beyond

CT

•0.2 miles to the Mystic Drawbridge — the symbolic and geographic center of the

village

The Site

•1.61 acres — waterfront parcels of this scale simply do not come to market in Mystic

•60,143 SF existing structure provides meaningful raw material for adaptive reuse

•4 stories of existing building = reduced construction risk vs. ground-up

•MDD zoning: 0 ft front setback, 65% max coverage, 50% parking reduction

•Height: 35 ft as-of-right / 45 ft with Special Permit (Section 9.4-6)

•Density: ~35 units as-of-right; up to ~70 units with full on-site parking compliance

The Zoning Advantage

•MDD is purpose-built for exactly this type of mixed-use residential redevelopment

•Parking requirements reduced 50% from standard; off-site and validation options also

available

•Multi-Unit Dwelling Conversion (Sec. 5.1-8.H) is exempt from certain standard MDD

conditions — added flexibility

•Zoning regulations explicitly encourage structural rehabilitation to preserve historic

character

•Broad permitted use table: multi-unit residential, hotel (SP), retail, restaurant,

professional office, and more

The Market

•Central Hall (22 W. Main St.) — fully absorbed, including off-market transactions

•Central Hall pricing: $743/SF at first close → $1,171/SF at final close — 58%

appreciation within a single sellout

•The Standard (3 Water St.) — separately absorbed at ~$708/SF average, concurrently

with Central Hall

•Two projects absorbed simultaneously in the same half-mile radius without price

compression

•12 Water Street enters an already-proven market with an established buyer pool