Depending on whom you ask, the Tremont Nail Factory District is an opportunity waiting to take flight or an economic albatross.

No matter the answer, town officials are hopeful a $50,000 state grant will provide recommendations on how to develop the 7.2-acre site, which houses a historic piece of Wareham’s industrial past.

On Tuesday, Town Administrator Derek Sullivan told Selectmen that MassDevelopment, a state agency focused on stimulating economic growth, awarded the grant for an updated feasibility study.

From 1819 to 2006, the Tremont Nail Company built nails on the riverside site, which includes eight buildings in total.

In 2004, the town purchased the property. Five years later, a report commissioned by the Community Preservation Committee assessed the site’s current condition and options for development.

The new grant will be used to update that initial report, detailing the complexity facing the property’s future due to pollution, neglect and a host of other issues.

Sullivan said he was optimistic about the upcoming report, calling it a “true feasibility study.”

“It’s going to actually see what the market wants in that area,” said Sullivan. “It will give us a road map, really a master plan for the Tremont Nail site.”

Sullivan said even though the study hasn’t been started yet, plans are in the works to turn the former factory site into a destination.

Currently, the site generates some revenue for the town as a boat storage facility. Sullivan said there are talks to open a kayak rental facility on the site.

Sullivan praised the efforts of Director of Planning & Community Development Kenneth Buckland for securing the grant.

“He’s been working on this for months,” said Sullivan. “It’s nice to see the fruits of his labors pay off.”