Just in from Rye Mayor Doug French:
"I am pleased to announce that the City today closed on the 1037 Boston Post Road property with the 1037 LLC established by Wolf Petroleum — a family owned real estate company for $5.6M. The property was originally purchased by the City in 2006 for $6.2M with plans for a Police Station/Courthouse that could have cost up to $25M to develop. The City and the Council had since changed those plans instead to sell the property resulting in today's action. The buyer has indicated their plans for high-end retail for the site. The City will use the proceeds to replenish its reserves and focus on reinvesting in the City's much needed infrastructure.
Mayor, City of Rye"