Developer of So-Called Preserve Is Coming Back, Suing And Claiming They've Been Offered Big Money To Sell
The company is also suing Old Saybrook for denying it a permit to build in and near wetlands; the state DEP for denying permission to build an access road across a state park; and the Connecticut Fund for the Environment presumably for exercising its civic right to protest a bad development plan (although I haven’t seen the suit so I’m not absolutely sure about this last reason).
Sam Stern, who apparently is one of the developers, told the New London Day that the state was being unreasonable because it offered $7.5 million for the land and won’t go any higher ($7.5 million might be the appraised value and the state is probably legally prohibited from offering more, but the New London Day doesn’t raise that question).
Stern also says that River Sound has had other offers that are “many times higher” than $7.5 million. How much would “many times” $7.5 million be? I’d guess that twice as much wouldn’t meet the definition of “many times” but that arguably three times as much might. So that means River Sound has beeen offered at least $22.5 million by more than one potential buyer. Unless Sam Stern is lying or exaggerating.
If that’s the case, maybe River Sound should accept one of those offers.
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