Once a real estate office and now an empty shell, the realtor now holding this parcel of land on Colman Street is saying it occupies a prime business spot in New London.
The space at 413 Colman Street is bordered by the Edgerton School property, itself an extension on the Colman Street parcel. A single story building is ringed by a fairly large parking lot and sits beneath a billboard updating passerby on how big the lotto jackpot is. Bright yellow overhangs are mounted above the windows, some of which have been broken out and boarded up.
The address once held the offices of Quality Homes Inc. and Ferris Realty Development Corp. More recently it was the home of a Nextel Communications store, and the overhangs still bear the faded markings of the Sprint logo.
The property is being offered by Marcus & Millichap Real Estate Investment Services for $625,000. Although the vacant 1,125 square foot building with utility access is included among the perks, the realtors give more weight to the surrounding businesses, the visibility among the passing traffic estimated at 14,000 vehicles, and the 202 feet of frontage on the street. The company also notes the availability of an adjacent three-acre Edgerton School site for larger developments.
"Investors will appreciate the quality of real estate offered, as the parcel is located on the signalized corner of a major artery in the commercial center of the historic city of New London, Connecticut," the listing concludes.
The site at 413 Colman Street was also once offered by Saugatuck Commercial Real Estate LLC. This company had grand visions for the total 4.25-acre site. A sketch in the development plan showed it replacing the abandoned school with a two-story 35,000 square foot medical office building, with the establishment of a 7,500 square foot retail building on Colman Street (including a 1,500 square foot bank space) and a 1,500 square foot restaurant. The plan says the buildings could be served by 200 parking spaces.
Should the full parcel be developed or just the Colman Street section? What do you think would be a good addition to this corridor? Let us know in the comments.