In 1991 Case Acquisition envisioned growth in the quiet Eastern Connecticut locale of North Stonington, acquiring over 130 acres on Mystic Road (RT 201) in an area rich in natural resources. A densely wooded forest sits upon significant gravel reserves, the removal of almost 99,000 cubic yards of which was permitted in 1992, but never performed.
Beginning in 1986 the neighboring Mashantucket Pequot Tribal Nation (MPTN) had operated a high
stakes bingo hall. In 1992, the tribe broke ground for the Foxwoods Hotel Casino Resort. Today it is the largest casino in the world, with 340,000 sf of gaming space in a complex that covers 4.7 million square feet. More than 40,000 guests visit Foxwoods each day. accommodations at the resort total 1,416 guest rooms and suites. Foxwoods features more than 55,000 sf Convention space and 25 conference rooms.
Teaming up with MGM Grand, the world's second largest gaming company, in 2007, Foxwoods began construction on a breathtaking new $700 million development project, scheduled for completion summer of 2008. It will add nearly 2 million square feet of overall space featuring significantly increased hotel, entertainment, restaurants and gaming venues as well as enhanced corporate retreat, meeting and convention resources. The project will also positively impact the local employment landscape, with 2,300 new jobs expected to be generated for over 16,000 total jobs at this facility alone.
In addition to the Foxwoods Development on RT 2, MPTN has assembled well over 2200 acres of land in North Stonington alone with hundreds more in neighboring Ledyard. Their holdings begin at the northely No. Stonington town line and run southerly to the Northen property boundary of the Case Mystic Road property. Immediately to the north west of the Case property is the Eastern Pequot Indian Reservation. Officially recognized along with the Schaghticoke of Kent, CT by the Bureau of Indian Affairs in 2002, the recognition was remanded in 2005. Most recent headlines talk of the renewed efforts of these tribes to once again achieve Federal recognition in light of new allegations of undue political influence to reverse the positive recognition decisions. (See TheDay.com, "Tribe Gets OK To Re-Examine Denial Process " by Scott Ritter 03/28/2007 and Courant.com, Rick Green's, "Tribe's Dream Revisited", March 27, 2007)
Wayne D’Amico, CCIM of Property Politics has been retained by Case Acquisition, Inc. to help it define a development strategy for its holdings in light of the dynamic economic environment of the region. If you or someone you know, might be interested in pursuing a real estate opportunity of this type, please contact Wayne D’Amico to discuss. 860.767.8999 or E-mail.
Additional Southeastern Connecticut Market Activity
