24 Watson RdPreston, CT 06365

Property Details for 24 Watson Rd

Lot size

42.50 AC

Property type

Residential income properties

Property subtype

Other land

Description

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.

Location Insight

City

Preston

County

New London

State

Connecticut

Latitude

41.4879

Longitude

-71.9653

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