CVS plans to purchase a lot on the corner of Hurlbutt Road and Route 12 in Gales Ferry and the $624,500 sale will close sometime today.
CVS will build a store where the playground of the former is now. Mayoral Assistant Mark Bancroft said the deal has been in the works for approximately three years.
"We're hoping that CVS will breed more development in the area," he said of the Gales Ferry district. "We're hoping it will impact the actions of and we're hoping it will bring more people in."
The nearest pharmacies are in Stop & Shop on Route 12 in Groton and CVS in Uncasville on the Norwich New London Turnpike.
Bancroft said a groundbreaking will take place sometime in the middle of April and he expects the construction to take approximately five months.