21 Pawcatuck AvenueStonington, CT 06379
Due to the health concerns created by Coronavirus we are offering personal 1-1 online video walkthough tours where possible.
The 5.24-acre property features the historic Clark Thread Mill building dating to 1899, just south of the first mill building converted in 2016 into 58 apartments known as The Threadmill. Current owners of the property have obtained approvals for another 58 units in the available building, with at least 58 more units indicated by the town as readily approvable on the vacant land. The property comes with State grant money of $4M to $6M to totally rehabilitate the building, State tax credits in the amount of $4.5M, and unlimited Federal tax credits of 20% of post-rehab construction costs, estimated to be another $6M. State tax credits can be available as cash upon completion of the project, while Federal tax credits can be purchased by tax credits investors for cash or rolled into a construction bridge loan.
| yesterday | Listing updated with changes from the MLS® | |
| yesterday | Listing first seen on site |
The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2026 SmartMLS, Inc.
Last checked: 2026-08-02 04:49 AM UTC.
Did you know? You can invite friends and family to your search. They can join your search, rate and discuss listings with you.