21 Pawcatuck Avenue
Stonington, CT 06379
$3,800,000 - Pawcatuck
The 5.24-acre property features the historic Clark Thread Mill building dating to 1899, just south of the first mill building converted in 2016 into 58 apartments known as The Threadmill. Current owners of the property have obtained approvals for another 58 units in the available building, with at least 58 more units indicated by the town as readily approvable on the vacant land. The property comes with State grant money of $4M to $6M to totally rehabilitate the building, State tax credits in the amount of $4.5M, and unlimited Federal tax credits of 20% of post-rehab construction costs, estimated to be another $6M. State tax credits can be available as cash upon completion of the project, while Federal tax credits can be purchased by tax credits investors for cash or rolled into a construction bridge loan.
| Listing Id: | 24195924 |
|---|---|
| List Price: | $3,800,000 |
| Property Type: | Lot & Land |
| Property Sub Type: | Residential Land |
| Status: | Active |
| Bank Owned Property: | No |
| Property Tax: | $9,183 |
| Acres: | 5.24 |
| Direct Waterfront Yn: | Yes |
| City: | Stonington |
| Neighborhood: | Pawcatuck |
| County: | New London |
| Postal Code: | 06379 |
| Acres Source: | Public Records |
| Agent Owner Yn: | No |
| Assessed Value: | $439,400 |
| Basement Description: | No |
| Comp Only Manual Yn: | No |
| Current Price: | $3,800,000.00 |
| Directions: | Interstate 95 to Exit 90 at Mystic, south on Route 27, east on Route 1 to Greenhaven Road, northeast on Mary Hall Road, north on River Road |
| Display Fair Market Value Yn: | No |
| Documents Available: | Building Plan, Environmental Site Assess., Environment Site Assess. (Phase 1), Environmental Site Assess. (Phase 2), Feasibility Study, Photo/Survey, Plot Plan/Survey, Recorded Site Plan, Site Plan Approval, Zoning Approval |
| Elementary School: | Per Board of Ed |
| High School: | Stonington |
| Home Owner's Assocation: | No |
| Listing Contract Date: | 2026-07-29 |
| Location: | Suburban |
| Lot Description: | Water View |
| Lot Improvements: | Approved Building Lot, Approved Subdivision, Curb Cut(s) |
| Lots Number Of: | 1 |
| Mil Rate Total: | $20.90 |
| Status: | Active |
| Occupied By: | Vacant |
| Original List Price: | $3,800,000 |
| Parcel Number: | 2079388 |
| Possession Availability: | Immediate |
| Potential Short Sale: | No |
| Preferred Phone: | (203) 623-4600 |
| Price: | $3,800,000 |
| Road Frontage Approximate: | 773 |
| Road Frontage Description: | Municipal Street |
| Sewage System: | Public Sewer In Street |
| Sign Yn: | No |
| Subdividable Ynu: | Yes |
| Tax Year: | July 2026-June 2027 |
| Under Agreement Yn: | No |
| Utilities Available: | Cable, Electric, Gas, Telephone |
| Water Source: | Public Water In Street |
| Zoning: | MC-80 |
Listing Courtesy of: Academic Co-Realty Services
Listing Agent: Gregory Walwer
(203) 623-4600
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Smart MLS Inc. data last updated on October 08, 2026 06:51 PM - ET
Property Last Updated: October 08, 2026 06:51 PM - ET
