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The Board of Selectmen is pleased to announce the Greylock Property Group as the preferred developer of the old Morgan School property to be named INDIAN RIVER LANDING...
INDIAN RIVER LANDING
Greylock is experienced in the redevelopment sector and have a portfolio of work ranging from the new Central Hall in Historic Mystic, Ct to Larkin Square, Watch Hill, RI to the Longmeadow Shops in Longmeadow, Ma. This purchase and sale agreement is contingent upon a Public Hearing, Board of Finance, Planning and Zoning, and Town Meeting approval. The agreement for the sale of the Old Morgan School property is at a purchase price of $2.2 million. The cost of demolition, road improvements, and remediation cost will be borne by the developer.
Indian River Landing Building Concept
The INDIAN RIVER LANDING was designed by Greylock with the help of local architect Matt Williams of Williams Architects, as a mixed-use development with retail, restaurants, and services fronting the Route 81 corridor, a second level of larger-scale retail/grocery, and a small community of residential townhomes in the back of the property. The southern pad site along Route 81 may also accommodate a mid-scale hotel. The project will include a recreational walking path and public park on the Indian River. The target market for the homes is young professionals and empty-nesters.
Indian River Variation One
The site is strategically located for a high-quality mixed development directly across from Clinton Crossing Outlets which will benefit from that location as well as attracting additional shoppers and visitors to Clinton.
The retail envisioned at INDIAN RIVER LANDING will complement the outlets by providing restaurants and retail brands not currently in Clinton, along with other village type services. The INDIAN RIVER LANDING will benefit from the river frontage, the Route 81 frontage and the location and visibility to Interstate 95. The interior of the site will have a sidewalk system ringing the perimeter to allow for walking and safety. The retail along the Route 81 corridor will encourage drivers to slow down -- enticing them with a view of outdoor dining and pedestrian activity. The residential townhouses will have landscaping to buffer between the public park area and the retail and services area.
Indian River Variation Two
It was clear to the Selectmen during the proposal phase that Greylock had paid close attention to the Town’s Plan of Conservation & Development and the specific vision for the Interchange Development Zone as reflected in the zoning regulations developed for the site through public outreach and marketing studies. Specific characteristics of the development that reflected this attention to detail are:
As presently proposed, the INDIAN RIVER LANDING is comprised of approximately:
It is important to note that these estimates and elements of the proposal are subject to change as Greylock secures tenants and works with land use boards and commissions review, along with the addition of public comment.
Once approvals have been obtained, the school will be demolished and village-style retail development will begin, other retail uses and the possible hotel will follow and finally the townhouses likely be the final phase. Depending on approvals, leasing-demand, interest-rates and the housing-market; the project completion goal will be approximately 5 years. Based on square footage of buildings and land, the project will generate significant property taxes along with additional ancillary revenue as an income producing property. The actual numbers will be determined by the final value of the development.
We envision INDIAN RIVER LANDING attracting Clinton residents as well as regional visitors for shopping, dining and relaxing. The Town looks forward to working with Greylock Property Group as they make this significant commitment to our community.
Indian River Village Development Along Route 81