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Developer Backs Out Of $4 Million Ridgefield Land Purchase

Residential Investments recently backed out of a deal to purchase 10 acres of Schlumberger-Doll Research Center property for $4 million.
Residential Investments recently backed out of a deal to purchase 10 acres of Schlumberger-Doll Research Center property for $4 million. Photo Credit: Alissa Smith, file photo

RIDGEFIELD, Conn. -- A deal that would have sold 10 acres of the Schlumberger-Doll Research Center property for $4 million to a private developer is off after the buyer backed out, according to the Ridgefield Press.

According to the attorney for Residential Investments LLC, the sale was killed due to an overwhelming negative reaction from the public after the deal was announced, the Ridgefield Press reported.

Residential Investments had planned to build a senior living complex on the parcel of land.

The cancellation of the sale doesn't mean the land won't be sold and developed, however. Toll Brothers had also made a $4 million offer for the land in the hopes of building a 30-unit residential complex at the site, the Ridgefield Press said.

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