For Sale
$6,900,000

24 Watson Rd Preston, CT 06365

42.5 Acres, R-60 Zoning, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional 42.5-acre land parcel in Preston, Connecticut, presents a prime residential development opportunity. Located at 24 Watson Rd, 06365, this property boasts R-60 zoning, allowing for significant buildable square footage – an estimated 275,045 square feet. The land is classified as Land Class R (RES ACLNDV MDL-00) and offers 15% lot coverage as-of-right. Situated directly across from Foxwoods Resort & Casino, this location benefits from the substantial tourism and employment generated by the casino, which attracts over 15 million visitors annually and employs over 3,200 people. The proximity to Foxwoods, including its hotels, restaurants, and entertainment venues, creates a strong market for residential development. Furthermore, the planned opening of a Great Wolf Lodge resort in 2025 will further enhance the area's appeal and potential for growth. The annual property taxes are $4,294. Developers envision approximately 275 single-family residences, each around 1,000 square feet, catering to both local residents and the substantial workforce and tourism associated with Foxwoods. The municipality is known to be receptive to new development proposals, presenting opportunities for variances. This property offers significant potential for a lucrative residential development project in a high-demand location. The asking price is $6,900,000.

Highlights

  • 42.5± Acres of Land, 275,045 buildable square feet.
  • Residential development opportunity across from Foxwoods Resort & Casino.
  • Prime location near major employer (3,200+ employees) and tourist destination (15M+ annual visitors).
  • R-60 zoning with 15% lot coverage as-of-right.

Property Details for 24 Watson Rd

Property type
Land
Lot Size (sq. ft)
1,851,300 SF

Location Insight

City
Preston
County
New London
State
Connecticut
Latitude
41.487951
Longitude
-71.96529

FAQs

What type of property is this?
Land - 42.5 Acres, R-60 Zoning, High Potential
Where is the land located?
The property is located at 24 Watson Rd Preston, CT.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: 42.5± Acres of Land, 275,045 buildable square feet.; Residential development opportunity across from Foxwoods Resort & Casino.; Prime location near major employer (3,200+ employees) and tourist destination (15M+ annual visitors).
How can I contact the broker?
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24 Watson Rd
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