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January 25, 2023

Glastonbury office purchase for potential affordable housing redevelopment moves forward

COSTAR 55 Nye Road, Glastonbury

Glastonbury officials this week approved plans for the town to purchase a 10.86-acre office-building property that is being considered for an affordable housing redevelopment.

The Glastonbury Town Council on Tuesday approved the purchase of 50-55 Nye Road, which currently houses two office buildings. The property is at the end of a cul-de-sac, and the town owns some land adjacent to it.

According to a report from Glastonbury Town Manager Richard Johnson, the original purchase price of $3.4 million has been reduced to $3.15 million, and discussions are currently in progress with the current tenants of the property to establish a mutually agreeable lease term for the next few years, before the town potentially redevelops the property into affordable housing.

“We just need to keep talking, but I’m pretty sure we’ll be able to work things out,” Johnson said regarding negotiations with current tenants.

In the long term, the town has eyed the property as a potential space to create new affordable housing units, which town officials have said is needed in Glastonbury. The town will use $3.15 million in American Rescue Plan Act funding for the purchase, according to town documents. 

Plans to redevelop the property into affordable housing would need a separate approval. 

In December, the council voted to approve the purchase pending “due diligence” discussions between the town and property owner. Johnson said those discussions have been completed, resulting in a $250,000 reduction in the purchasing price.

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