NASHUAAfter sitting vacant for nearly two decades, the former Hampshire Chemical site could potentially be developed following this week’s sale of the 41-acre parcel.

Hampshire Chemical, which is owned by Dow Chemical Corp., sold the property at 2 East Spit Brook Drive to The Landing at Nashua, LLC, on Wednesday at a price tag of $7.1 million.

“I don’t have any tenants yet. I have not decided what tenants yet, and I am not even sure how much I would develop there,” said Dick Anagnost, the president of Anagnost Investments, Inc.

He said the plans for the large site are still very premature. Anagnost hired an engineer and an environmental consultant on Thursday to begin the process of determining how the property could be developed.

“I am looking very much forward to the process. We are very much excited for this — it has endless possibilities,” said Anagnost.

Several years ago, the former Hampshire Chemical site, which is also the former W.R. Grace property, was listed in a rail study as one of three possible commuter train stops in Nashua if commuter rail eventually returns to the Gate City.

When asked whether this could be a possibility, Anagnost said, “We will be exploring it.”

According to the deed that was signed on Wednesday, the developer is prohibited from constructing any residential buildings on the property. Anagnost said Thursday that the site is zoned for commercial uses.

The Landing at Nashua LLC was formed this past June; Attorney John W. Deachman is listed as the registered agent for the company. According to Deachman, he is the legal counsel for the buyer.

“This is a significant sale for the region. This is the last large, undeveloped land site in south Nashua,” said Denis Dancoes, senior director at Cushman & Wakefield of New England, representative for the seller. “I am thrilled that Dow Chemical has had success in disposing of this site.”

According to the city’s property records, the parcel was last sold in 1993 by W.R. Grace to Hampshire Chemical. The property is currently assessed at more than $31 million.

“We have had other prospects over the years, but for one reason or another, those other transactions did not come to fruition, but this was a committed buyer,” said Dancoes.

The site was closed in the early 2000s, and several buildings on the property were razed at the time. The parcel is still vacant and capped with clean gravel, according to its property data.

Although it is not yet clear how much contamination is on the property, if any, the new deed restricts the movement of soil and restricts the use of groundwater taken from the parcel.

More than a decade ago, a Massachusetts developer had proposed to construct about a 500,000-square foot outdoor shopping complex described as a lifestyle center, similar to an open-air mall, on the property at 2 East Spit Brook Road.

Although that project was approved by city planners in July 2007, and was named Nashua Landing, it never became a reality once the economy started to suffer.

NashuaNews@unionleader.com