GREENWICH — The town of Greenwich and the Greenwich Land Trust are evenly splitting the $2 million price tag for 72 acres of open land in the backcountry that is owned by Aquarion Water Co.

“Conserving an open space parcel of this size is critical to enhancing existing greenways,” Greenwich Land Trust Executive Director Will Kies said in a statement. “This preserve will complement the Land Trust’s existing preserves by offering public access to a beautiful hardwood forest along Converse Pond Brook and providing important habitat protection.”

First Selectman Fred Camillo plans to submit an amendment to the current budget seeking approval from both the Board of Estimate and Taxation and the Representative Town Meeting to allocate $1 million for this land acquisition, which will preserve open space for generations to come, his spokesperson Barbara Heins said Friday.

Aquarion has filed an application with the Connecticut Public Utilities Regulatory Authority for permission to sell the 72.27 acres, according to Peter Fazekas, director of corporate communications for Aquarion. Since the land is not located within an aquifer protection area or any public water supply watersheds, the land is considered surplus and is no longer needed by Aquarion to provide water service.

In addition to the 72.27 acres of land to be designated open space, Aquarion is proposing to subdivide and sell two 4-acre single-family residential building lots.

The subdivision plan will be submitted to the town’s Planning and Zoning Commission and the Inland Wetlands and Watercourses Agency for approvals.

The sales of both the open space and the proposed residential building lots are subject to approval by the Connecticut Public Utilities Regularly Authority, which oversees the rates and services of electricity, natural gas, water and telecommunications companies, and manages franchises for the state’s cable television companies.

Aquarion announced its plan to sell an 80-acre wooded tract last August, which raised questions about the future of the open space.

The land is located on Lake Avenue, to the northwest of the Putnam Reservoir. Aquarion has owned the land, which Fazekas described as an undeveloped woodland, since 2002. At its closest point, the land is three-fourths of a mile from the reservoir. It is outside the watershed.

The sale of 72.27 acres will likely be completed this summer, according to Aquarion. The company plans to reinvest the $2 million into capital improvements to its water infrastructure.

“Aquarion is pleased to have the opportunity to ensure the long-term preservation of this land,” Aquarion President Donald Morrissey said. “We believe deeply in our mission as stewards of our natural resources and are proud to partner with the Town of Greenwich and Greenwich Land Trust as they work to preserve vital open space in the community.”

Camillo said the sale is a prime example of what can be accomplished with public-private partnerships.

“We are very pleased with the value we are getting for our investment in this parcel and equally pleased to protect a targeted open space parcel for the enjoyment of current and future generations of Greenwich residents,” Camillo said in a statement.

The land trust is thrilled to partner with the town to acquire the land, Camille Broderick, GLT’s board president, said in a statement.

“Preserving the 72.27 acres of Aquarion land will be our largest in-fee conservation effort to date,” Broderick said. The Land Trust already manages and preserves 776 acres of open space in town.

Aquarion Water Co. is the public water supply company for more than 625,000 residents of 52 cities and towns throughout Connecticut and also serves customers in Massachusetts and New Hampshire. It is the largest investor-owned water utility in New England and among the seven largest in the U.S.

Based in Bridgeport, it has been in the public water supply business since 1857. Aquarion is a subsidiary of Eversource.

jo.kroeker@hearstmediact.com