The owner of a nearly 6-acre parcel at the intersection of Route 169 and Interstate 395 plans to put a retail development there himself if he can’t sell it by mid-spring.

The property, at 143 S. Burnham Highway, is fully approved for 11,500 square feet of retail development, including a gas station and convenience store. It’s listed for sale at $650,000.

Developer David Monaco, of Branford, has owned the property since 2004, when he bought it for $250,000.

He hasn’t developed it yet because he’s been busy with other projects, explained Sandy Strickling, the West Hartford-based commercial real estate broker contracted to sell the property.

Financing hard to get
It’s also been tough to get financing, she said.

“The price has been reduced because of the depressed economy,” Strickling said. “Two or three years ago, it probably could’ve sold for over $1 million. The problem now is financing.”

Still, a development parcel at the bottom of an Interstate off ramp preapproved for a gas station in a neighborhood where gas stations are few and far between should be attractive, town officials said.

“Over the years, a couple of different owners have proposed development there, but for whatever reason, it never went forward. It’s still sitting there waiting,” said First Selectman Tom Sparkman.

“There’s a lot of rock on (the property), but for the right developer and the right business, it’ll be a good property,” he said.