The Tsakalos Realty Trust has dropped its plans to buy 56 acres of land owned by the Town of Sandwich to develop a 105-acre mixed-used project to be known as South Sandwich Village.
In a letter dated today, trustee Thomas Tsakalos said the trust also no longer intends to redevelop its existing holdings inside the so-called “Golden Triangle” off Cotuit Road, nor build a related wastewater treatment facility with a capacity of more than 500,000 gallons a day.
“The basic dilemma, as I see it, is that the board of selectmen wish to know who my potential development partners will be and what tenants they may bring—while the potential development partners I have spoken with have indicated that they will only seriously consider developing in Sandwich after I have secured the necessary permits and approvals,” Mr. Tsakalos wrote in the letter.
The trustee addressed his letter to James W. Pierce, chairman of the board of selectmen.
In the letter, Mr. Tsakalos wrote, “I am disappointed that my vision will not become a reality because I sincerely believe that it was in the best interests of the residents of the town of Sandwich.”
Read the letter from Mr. Tsakalos to the Sandwich Board of Selectmen here.