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$ 20,000,000
Est. payment | /mo
2 Baths
35,520 SqFt
$ 20,000,000
Est. payment | /mo
2 Baths
35,520 SqFt
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 35,520 sqft
Price per Sqft $563
MLS Listing ID 24158924
Full Baths 2
Year Built 1864
Annual Tax Amount $153,507
Lot Size 1.610 Acres
Property Description
12 Water Street represents a rare and compelling redevelopment opportunity in the heart of one of New England's most celebrated coastal destinations. Situated on 1.61 acres along the storied waterfront of Mystic, Connecticut, the property offers a substantial existing 4-story, 60,143-square-foot mixed-use building with immediate proximity to the iconic Mystic Drawbridge - one of the most photographed landmarks in the northeastern United States. The site is zoned within the Mystic Downtown District (MDD), a designation purpose-built to encourage concentrated, pedestrian-oriented mixed-use and residential development while preserving the historic character that defines Mystic's irreplaceable sense of place. The MDD zoning framework, combined with the property's scale, location, and existing structure, positions 12 Water Street as an exceptional candidate for adaptive residential reuse - and the recently completed luxury condo projects in the immediate market leave no ambiguity about the demand that awaits a well-executed vision here. Central Hall at 22 West Main Street, completed in 2022 and located within steps of the subject property, is now fully absorbed - including a number of off-market transactions that never reached the open market. Prices at Central Hall accelerated from $743 per square foot at initial closings to over $1,170 per square foot by mid-2025, demonstrating both the depth of demand and the market's appetite for premium product in this location.
Location
State CT
County New London
Zoning MDD
Interior
Heating Baseboard, Heat Pump, Hot Air, Hot Water
Cooling Central Air
Flooring Ceramic Tile, Tile, Vinyl, Wall-to-Wall Carpet, Wood
Exterior
Utilities Available Electric, Gas, Telephone, Cable
Roof Type Asphalt Shingle,Metal
Building
Lot Description Dry, Level Lot
Story 4
Foundation Block, Masonry
Sewer Public Sewer Connected
Water Public Water Connected
Listed by Whitney Easton • Berkshire Hathaway NE Prop.
Nearby Locations
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