Owned by Town Councilor Halsey Herreshoff and his family, the nearly 40-acre property, is listed with Gustave White Sotheby’s International, a Newport-based agency, for $7.7 million. The listing went public on Monday.
“We’ve been working on it for a long time,” said Paul Leys, co-owner of the agency. “We’ve been having discussions with Mr. Herreshoff over a number of years about this. For one reason or another, he decided then not to sell.
“But he finally made it official this week.”
The waterfront property is located on the shores of Mt. Hope Bay with access to both Metacom and Griswold avenues. It abuts the Roger Williams University campus to the south.
“Though it could be split up into many smaller lots, we’re treating this as one large parcel for a developer,” Mr. Leys said.
Roger Williams University officials are aware of the available land, but have no plans to pursue the property at this time, said Lynda Curtis, a media relations manager with the university.
A listing like this typically generates immediate interest within the first month, Mr. Leys said. But it could also remain on the market for years.
“We’ve already gotten some calls from interested people about it,” he said. “One was a potential developer who would create some house lots over there. The other was a person who just wanted to buy the entire property, but didn’t give any details about their plans.”
Before a builder could develop the lot, engineering studies would have to be conducted, as well as approval from the Rhode Island Coastal Resource Management Council and the state’s Department of Environmental Management. Though it is zoned entirely residential, a large portion of the property is wetlands.
Mr. Herreshoff was not able to be reached for comment.