OLD LYME — A nine-lot subdivision proposed for 16 Neck Road — the site of a a controversial 37-unit affordable housing complex that was approved in 2018 but never built — is scheduled for a public hearing at the Planning Commission meeting on Thursday, Sept. 8.
The property owner, Keystone Capital Corporation, bought the property for $1,050,000 from Jeffrey Graybill, of Graybill Properties LLC, on Nov. 29, 2020. In January, Keystone Capital CEO, Frank Nocito, told CT Examiner that he purchased the property for an overseas entity.
“No individual lot development is proposed at this time, however, possible houses, driveways, wells and septic areas are shown for conceptual purposes,” according to the application.
The proposed nine-lot subdivision would preserve the 4,700-square-foot house located on the site. The site was approved for a four-lot subdivision in 2017.
The applicant is proposing an exemption from dedicating any of the 12.30-acre property to open space. By statute, Planning Commission can ask for up to 10 percent of the assessed value of the property, which is $1,040,000, in lieu of open space, according to town officials.
Construction of a new 900-foot driveway is proposed to begin in Fall 2022, according to the application. Construction costs are listed as unknown.
The public hearing is scheduled to be opened on Thursday, but might be immediately continued because not all of the engineering and legal documents were filed as of Wednesday afternoon, according to town hall officials.
“We like to give the applicant and the town time to respond,” said a town official. “The goal is to give everyone time to respond.”