Everyone is always talking about the Norwich State Hospital property (an estimated 390 acres)located in Preston, Connecticut. The property was sold by Connecticut to Preston for one dollar ($1.00) on Thursday March 12, 2009.. The environmental clean up is estimated to cost about $40 million.
There is another section of the Norwich State Hospital property that doesn't get much publicity. It's the 61 acres that is located in Norwich, Connecticut. Like Preston, Norwich can purchase the property from the state of Connecticut for one dollar ($1.00).
Anyone interested in purchasing the property from Norwich, had until last Friday, March 13, 2009, to put in their proposals. Only one company came forward with a proposal. Renaissance Real Estate Group, L.L.C. of Long Island, New York, put in a $246 million 74 page plan for the property. Members of the Norwich Community Development Corp. (handling the proposals for the City of Norwich) were said to be disappointed but not surprised by the outcome.
The proposal calls for 450 housing units, a 85 room hotel, Hillside Technology and Innovations Center (a research center), a culinary education center and a computer ferry to Norwich.
The proposal was supposedly distributed to the Norwich City Council and other city officials by Monday, March 16, 2009.
Hopefully this will work out for Norwich. The plan actually on paper looks better than the proposals that Preston has had on its property. We wish Norwich well in their pursuit. Is this going to work out? What do you think?
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