After a "decade of rot" at the Tremont Nail Factory District, Selectmen said the historic property is now primed to become a commercial and artistic hub, but it's going to take a community effort.

After a plan was unveiled May 31 for Tremont Nail, including space for artists, exhibits and concerts, many Wareham residents supported the plan. Now, Chair Peter Teitelbaum said on Tuesday he is working on the foreword for the final feasibility proposal which should be finished in the next couple of weeks.

The final feasibility study will produce a blueprint for the town to find a private master developer for the property or for the town to act as the master developer, Teitelbaum said. It is also a precursor to obtaining additional environmental assistance and cleanup from MassDevelopment. Additionally, it impacts how involved environmental cleanup will be, as different uses of a property require different levels of remediation.

“There’s been a decade of nothing happening there,” said Town Administrator Derek Sullivan of the 7.2-acre property.

Sullivan said that after two public meetings discussing the plan, he hopes Wareham residents will be satisfied with the final proposal.

“There’s been plenty of opportunity for people to step up on this,” Sullivan said. “I don’t want to see them step on it now.”

Teitelbaum emphasized that the Tremont Nail Factory is not in the historic district, so no historic restrictions would apply. The property is located on Elm Street and has been owned by the town since 2004, purchased with Community Preservation Act funds. Since this purchase, the property has suffered and few have visited the eight buildings on the property.

Wareham was awarded $50,000 from MassDevelopment at the beginning of the year to study uses for the site. Town officials hope it will be restored to a lively destination that can be enjoyed by Wareham residents and tourists.

“We’ve had a decade of rot, let’s have a decade of progress,” Sullivan said.

The final feasibility proposal will be available through the town website after it is completed in the next few weeks by Union Studio, the consulting firm hired by MassDevelopment for the project.