12 Water Street, Mystic, Ct 06355 Mls#:24158924

12 Water Street represents a rare and compelling redevelopment opportunity in the heart of one of New England’s most celebrated coastal destinations. Situated on 1.61 acres along the storied waterfront of Mystic, Connecticut, the property offers a substantial existing 4-story, 60,143-square-foot mixed-use building with immediate proximity to the iconic Mystic Drawbridge - one of the most photographed landmarks in the northeastern United States. The site is zoned within the Mystic Downtown District (MDD), a designation purpose-built to encourage concentrated, pedestrian-oriented mixed-use and residential development while preserving the historic character that defines Mystic’s irreplaceable sense of place. The MDD zoning framework, combined with the property’s scale, location, and existing structure, positions 12 Water Street as an exceptional candidate for adaptive residential reuse - and the recently completed luxury condo projects in the immediate market leave no ambiguity about the demand that awaits a well-executed vision here. Central Hall at 22 West Main Street, completed in 2022 and located within steps of the subject property, is now fully absorbed - including a number of off-market transactions that never reached the open market. Prices at Central Hall accelerated from $743 per square foot at initial closings to over $1,170 per square foot by mid-2025, demonstrating both the depth of demand and the market’s appetite for premium product in this location. The Standard at 3 Water Street, a separately owned and separately absorbed project completed in 2020, reinforces this picture: two luxury condo projects selling concurrently in the same half-mile radius without meaningful competition for buyers. The market supported both, simultaneously. 12 Water Street is offered at $20,000,000. Prospective purchasers are invited to evaluate the site’s significant zoning entitlement, the demonstrated strength of the surrounding condo market, and the strategic advantages of the existing structure as they formulate their development thesis.