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Mystic Fire District Finishes Overhaul Of
Cottrell Tract |
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By Joe Wojtas
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Mystic — In December of 1993, the Mystic Fire District outbid two
other groups for the 2.3-acre Cottrell property with plans to turn it into a
park. Over the next 14 years,
the fire district and Mystic River Park Commission created the park itself,
built a new dock and playground and renovated six buildings on the site into
commercial and residential space. After 14 years the
project is now complete, as the fire district has just finished the
renovation of the Homestead building at 27 Cottrell St. into three apartments.
Tenants are moving into two of the units this week. A tour of the building
this week revealed three large apartments with gleaming wood floors and white
walls. Two of the units boast impressive views of the Mystic River and the
park. Sharon Scarpa of
Coastal Construction Management, the local firm that did the renovation, said
two of the units rented on the first day they were available. “These units are unique
to the area. They're large luxury units on the water with parking. There is
nothing of this size left like this,” she said. Park Commission member
Marshall Yudin said fire district and park officials wanted to create the
type of attractive apartments needed to cover the cost of the project. He
said the most challenging part of the project was protecting the integrity of
the park and the building. He credited park commission Chairman Ben Helme for
working on the project on a daily basis. The largest unit takes
up half of the first and second floors in the 200-year-old building. There
are five rooms on the first floor with two bedrooms and two bathrooms on the
second floor. Windows overlook the park and river. The unit rents for $2,250
a month. Scarpa said there has been a lot of interest in the unit but so far
it has not been rented. Stairs to the third
floor unit open into a large living room/kitchen. There is also a large
bedroom with a walk-in closet and bathroom. Windows offer even more sweeping
views of the park and river than the unit below. A door opens to a small
balcony that overlooks the playground. That unit rents for $1,350. The third unit has
three rooms on the first floor including a dining room/kitchen that leads to
a large outdoor stone terrace. The second floor has two bedrooms. The unit
rents for $1,575 a month. Outside the building,
which contained seven apartments in the past, there is a parking area for six
cars. New landscaping has been added. In January of 2006 fire
district residents voted to spend up to $1.1 million to renovate the
long-vacant building. Executive Committee member William Cannon said the fire
district took a 30-year mortgage for $1.1 million to pay for the project. The
interest rate is fixed at 7 percent for the first 10 years. The monthly principal
and interest payment on the mortgage is $7,850 while the income from the
units, when they are all rented, will be $5,175. Cannon said the fire
district has included $96,000 in its budget to pay for the mortgage over the
next fiscal year. j.wojtas@theday.com |
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