Once considered by some one of Wareham’s “biggest follies,” the Tremont Nail Factory District opened its doors for the "Meet Me at the Tremont" gala Saturday night, showing that the historic, rustic property is ready for its second act.

Those who spearheaded the effort said the town-owned, 7.2-acre site on Elm Street is primed for new development, showcasing a “new attitude” in town that’s focused on the future.

“We’ve got it all,” said Traci Medeiros, a member of the Tremont Nail Advisory Group. “This could put us on the map, and we should be on the map.”

Starting in 1819, the site was home to the Tremont Nail Company. For more than 100 years, cut nails and other products were manufactured in the complex before the company moved to Mansfield.

In 2004, the town of Wareham bought the site using Community Preservation Act funds. The act is a Massachusetts law that allows participating cities and towns to adopt a real estate tax surcharge, supplemented by state matching funds in order to fund community preservation.

Until recently, the property has languished, attracting few tenants and drawing ire from residents tired of town funds being used to maintain the eight buildings on the property.

Selectmen Chair Peter Teitelbaum said he was against Wareham buying the property, saying pollution made development unfeasible.

“You can’t do what they did out here for 150 years and not have contamination. I said vote ‘no’,” said Teitelbaum. “For 10 years, I thought this was one of the town’s biggest follies.”

After an environmental study found contamination levels weren’t as high as initially feared, Teitelbaum said his attitude changed.

In January, officials announced that the state awarded the town $50,000 to study potential uses for the site. After a series of workshops over the winter and spring, Rhode Island-based design firm Union Studio unveiled its plan for the site in May.

The plan calls for preserving all the historic buildings on the site, including the former main factory. A large metal building built more recently may or may not be razed to make room for eight multi-family homes in the future. Union Studio representatives noted that all of the plans were recommendations. Ultimately, local leaders must decide what direction to take.

In the meantime, Saturday’s event served to showcase the property. Hosted by the Cape Cod Canal Region Chamber of Commerce and the Tremont Nail Advisory Group, the event attracted 175 people.

Attendees enjoyed live music, drinks and a catered meal with a picturesque view of Wareham Village as a backdrop.

On display, alongside artwork from the Bourne-Wareham Art Association and the Sandwich Art Alliance, was Union Studios’ recommendations for the site.

Looking ahead, Teitelbaum said the town is seeking a developer for the site who will start the necessary work to attract businesses, transforming the former industrial complex into a thriving destination.

If that happens, Medeiros said Wareham will need a new nickname.

“They should change the sign,” she said, referring to the “Gateway to Cape Cod” sign that greets drivers on Route 28. “We are the ‘Gateway of Cape Cod.’ Why would you want to cross the bridge when it’s all right here?”