Editor's note: This corrects an error in the first paragraph concerning the highest amount offered for the property.

New London — With proposals to buy the Lighthouse Inn for prices ranging from $1 to $350,000, five developers have come forward with their ideas to transform the historic but deteriorating property.

The proposed investments range from $3 million to $10 million and are as varied as the proposals themselves.

Two are offering to restore the inn to its former glory; one to demolish the entire site in favor of a special events facility; and two would concentrate on residential use, with high-end apartments or townhouse-style units.

The ideas are a response to the city’s request for proposals for the vacant century-old inn, which was well known locally for decades for its restaurant and special events. The 4.2-acre property at 48 Guthrie Place was acquired by the city in a tax foreclosure auction in 2013.

The main building is referred to as the Mansion and has 27 guest rooms, a restaurant, a lounge and meetings rooms.

The City Council, which first saw the proposals on Monday, is expected to eventually choose a preferred developer after gathering input from the public.

The Day obtained copies of the proposals Thursday along with summaries compiled by the city's Office of Development and Planning.

Michael Dattilo, principal at Water’s Edge Resort and Spa in Westbrook and the Copper Beech Inn in Ivoryton, offered the lowest purchase price, $1, with plans for a $10 million predominantly residential project.

He would renovate the mansion and demolish the so-called Carriage House and Beauty Salon to make way for up to 30 town house-style units “similar to Victorian row houses.”

His plan calls for limited or no food and beverage operation, likely replacing portions of the main dining area with lodging rooms.

The re-establishment of beach rights, he says in his proposal, is important to the success of the project. The inn traditionally had had the use of a nearby beach but lost those privileges.

Dattilo says he has liquid financial capital to undertake the project without outside financing and could begin immediately. He has asked for a waiver of nearly $40,000 in outstanding sewer and water fees and an unspecified tax abatement.

Developer Eric Hamburg, doing business as the private investment firm Industrial Renaissance, would form a new LLC and become “long-term owner operators” with plans to renovate the mansion into 20 or more luxury apartments. There would be no inn services.

Hamburg would demolish other buildings to make way for 20 to 50 high-end apartments or condominiums in a “cluster of townhome or pocket neighborhood style with a village feel with walkways and attractive landscaping.”

Hamburg estimates a cost between $2.5 million and $3 million for mansion renovations and $7 million to $10 million for the total project, which would be completed in phases. He would finance the initial renovations himself and seek a lender for Phase 2, which is demolition of the outbuildings and construction of the residential units.

He is offering $165,000 to purchase the property over four years and asks for seven years or more of unspecified tax abatements.

Hamburg purchased seven unfinished units at 1 Hamilton St. in New London in January and is currently completing renovations.

Certified Public Accountant Roger S. Bennett, president of Bennett & Company, PC in Bloomfield, proposes formation of an LLC and promises assembly of a development and construction management team to "restore the inn to its former grandeur," with an upscale restaurant, bar and lounge and a venue for weddings and corporate retreats.

The $3 million project would include two phases, a six-month renovation of the mansion and total rebuild of the Carriage House, a spa and possibly a pool, deck and gardens to create an attractive venue for weddings. He has offered $350,000 for the property.

Webster Private Bank, a division of Webster Bank, provided a letter with Bennett's proposal, stating the bank is interested in pursuing the project as primary funder.

Financial Advisor Norman Nadeau and tavern operator Anthony Morascini, as Grand Slam Holdings LLC, are offering a multi-year renovation project with an investment between $5 million and $6 million to restore all the buildings “to National Historic Society Code of Compliance” and operate the property as a traditional inn and resort.

They are offering $100,000 to the city for the purchase, contingent on a 100 percent real estate tax abatement in year one, followed by an 80 percent abatement in the second year.

They propose a three-phase project with financing from Polaris Capital Group of San Diego. They intend to utilize green technology and “aim at being a leader in enviro-hotels.” Nadeau is the author of “The Green Revolution,” with expertise in renewable energy.

Timothy A. Londregan, owner of Longshore Partners, LLC and a partner in Londregan Commercial Real Estate Group, is proposing a two-phase project with demolition of all buildings and construction of a seasonal, semi-enclosed special events facility where the mansion was located, “designed to replicate many of the architectual components of the original Guthrie Mansion.”

Part of the project includes a year-round food and beverage facility along with a multi-story guest room facility, serving as guest quarters for wedding receptions and special events.

Londregan offers $250,000 for the property and asks for a 10-year, 100 percent tax abatement followed by a 50 percent tax abatement from years 11 through 20. Financing for the project is not revealed in the proposal, noting that a confidential balance sheet can be provided to the City Council.

The City's Office of Development & Planning is expected to get direction from the City Council on how to proceed with vetting the developers and providing further information on the proposals.

The City Council's Economic Development Committee is expected to eventually ask the public for comment on the proposals.

“We want to hear from the public first of all. We want to get the proposals out there to see how they are accepted,” said Councilor Michael Passero, chairman of the Economic Development Committee and a Democratic mayoral candidate.

“We will be listening to constituents over the course of the next two weeks,” Passero said.

Passero said he expects a public hearing and for his committee to whittle down the number of proposals for the full council.

Residents, Passero said, have a vested interest in what happens there.

“The Lighthouse Inn is one of those landmarks in the city where a large percentage of the population has some sort of an emotional connection,” Passero said.

While he said he has not had time to make a decision on the best development ideas, Passero said the Londregan plan that calls for the demolition of all of the buildings did not sit well.

“It would take a lot to sell me on that one,” Passero said.

Mayor Daryl Justin Finizio said he was encouraged by the number of serious proposals. He said it was the right call for the city to take possession of and secure the property when it did to help avert further deterioration.

He also said the idea of demolishing the entire site was unappealing.

“I hope to get it back onto the city’s tax rolls soon and in a way that this historic structure can be preserved,” Finizio said.

He applauded city staff, Tammy Daugherty, the director of the Office of Development and Planning, and Ned Hammond, economic development coordinator, “for countless hours of work to get to this point.”

Finizio said he looked forward to the City Council discussions, the public weighing in and for “the community to find the most appropriate way to move forward.”

“We’re at a point where we have to make a decision on how to move forward,” Finizio said.

g.smith@theday.com

Twitter: @SmittyDay