Mystic - A Southport developer has filed an application to build a $15 million, 55-unit luxury condominium project on the site of the former Mystic Color Lab.
The Stonington Planning and Zoning Commission will now schedule a public hearing on the plan. The town's inland wetlands commission is also reviewing a permit for the project.
Edgewood MAC LLC is seeking approval of a master plan zone change and site plan as well as a coastal area management permit for its Lighthouse Landing in Mystic project.
Plans for the 5.5-acre site at Harry Austin Drive and Masons Island Road call for four buildings surrounding a central courtyard that contains a pool and cabana buildings. There would be two types of two-bedroom units in three-story buildings over an open parking garage. One exterior wall remains from the color lab but that would be torn down.
At a commission workshop this spring, Edgewood MAC officials said their new design is easier to build, more marketable and easier to finance.
The application includes an economic impact study that estimates the project would generate $340,676 in tax revenue for the town as well as $162,130 in one-time fees from items such as building permit fees and real estate conveyance taxes.
After deducting the estimated $96,726 in annual municipal costs and $27,794 in possible student costs, the net revenue for the town would be $208,215 annually, according to the study.
In another report, the firm's traffic engineer states the project would not have a significant impact on traffic. At the peak hour on a weekday morning, the study said five vehicles would enter the site and 27 would leave. In the peak afternoon hour, 32 would enter and 27 would leave. On Saturdays, there would be a total of 59 vehicles entering and exiting the property during the busiest hour. The plans also call for 153 parking spots, most of which would be under the buildings.
In 2004, the previous owners of the property received approval for a $30 million project, tore down the building and completed some site work before the recession hit and the project ceased amid financial problems. Edgewood MAC acquired the mortgage to the property in 2009.