Groton - The Town Council on Tuesday approved a two-year, 100 percent tax abatement for a local developer who is buying the two-story glass building across from Pfizer's main campus and planning to renovate it.

Thomas Green, a principal with Bridge Street Leasing LLC, told councilors last week he was under contract with Pfizer to buy 23 Eastern Point Road - the former Pfizer visitor center - and would invest more than $2 million in the property. He asked for a five-year tax abatement.

But Green does not qualify for a five-year abatement, said Kristin Clarke, Groton's economic development specialist.

Under state law, developers must invest at least $500,000 to qualify for an abatement of up to two years and $3 million to qualify for an abatement up to seven years. Green qualifies for the two-year tax break despite making a relatively large financial commitment.

The council voted, as a committee, to give him the maximum during the two years, or 100 percent. The tax break would equal $126,888 in total.

The council must still take a formal vote at its next regular meeting.

Councilor Joe de la Cruz said the vote sends a message to developers "that we are willing to deal."

"We definitely are looking to get some buildings in here," he said.

Green would restore and redesign Building 114 to accommodate multiple tenants, including potentially midsized biotechnology or pharmaceutical companies. The building has capacity for more than 100 people.

He expects to close on the sale between April and May, and start renovations immediately, he said. Work would take three months to complete.

Part of his investment would simply keep the building running. The building has heat, for instance, but Pfizer plans to cut it off, so Green must install heat, Clarke said.

Green's plan would spend $867,000 to make the building operational; $763,000 to renovate the first floor, including the lobby, conference room, auditorium and offices; $326,000 to renovate the second floor and create office space and $75,000 to pave the parking lot, according to a memo by Clarke.

The investment would be the third reuse of a former Pfizer building in Groton in the last 12 months.

Last spring, Gov. Dannel Malloy announced that Pfizer would donate Building 286 - a 24,000-square-foot space - to the bioscience network Connecticut United for Research Excellence.

The state is also leasing Pfizer's Building 230 for $1 a year and starting to convert the 47,000-square-foot structure into the state's new data center.

d.straszheim@theday.com

Twitter: @DStraszheim