Ex-Bridgewater developer buys Nyala Farms complex for record $130M
The $130 million sale of the Nyala Farms corporate center -- the largest real estate transaction in the town's history -- may be a key to keeping the Bridgewater Associates hedge fund from moving its headquarters out of town. The property at 60 Nyala Farms Road was sold late Friday afternoon to 60 Nyala Farms Road LLC, an entity established by the Stamford-based developer, Building and Land Technology, which had been working with Bridgewater to build a new headquarters for the hedge fund on the Stamford waterfront. The sales paperwork was filed shortly after Bridgewater officials announced Friday the hedge fund was backing out of a state-brokered deal to move most of its local operations to Stamford, despite $115 million in tax breaks and incentives. BLT, a privately held real estate private equity, development and property management firm, confirming the corporate center acquisition Monday in a statement issued by Carl R. Kuehner III, the CEO, said: "We're pleased to expand our portfolio into Westport, which is home to a number of Connecticut's leading businesses. CLICK TITLE TO CONTINUE
Stamford union protest cut short
STAMFORD -- Carpenters picketing in front of 80 Harbor Point Road on Monday over alleged labor law violations had their protest cut short by police after the city told officers the sidewalk they occupied is private property. "You know it's not fair, right?" Ted Duarte, senior organizer of the New England Regional Council of Carpenters, asked the sergeant who had just informed him and the 14 carpenters protesting they would have to pack up their giant rat and leave at the request of the owner, Building & Land Technologies. "It is what it is," the sergeant replied. According to police, the sidewalk and Harbor Point Drive have not been transferred to the city yet, so it is still private.
It took more than an hour to clear that up. Police were not willing to immediately comply with BLT's request as there are street signs and street lights marked as city property up and down the road, making it unclear whether it is a city street. The carpenters questioned whether it is private property after learning the street is patrolled by police and they said they would look into it. CLICK TITLE TO CONTINUE
Greenwich developer partners in West Haven retail project
A Greenwich developer is adding a $200 million project to his list of developments in Connecticut with The Haven, a plan for 100 stores and restaurants in West Haven. Meeting with West Haven officials last week, Sheldon M. Gordon, chairman of Gordon Group Holdings in Greenwich, introduced plans for The Haven -- measuring almost 350,000 square feet -- that would be built in the city's Water Street district. Gordon is undertaking the project with Ty Miller, principal in Dallas-based Highland Park Village Associates, a real estate investor and developer of retail destination centers. Gordon, who has been developing retail complexes across the country for 46 years, developed The Shops at Mohegan Sun in Uncasville, as well as Bridgemarket in New York City, The Forum Shops in Las Vegas and The Pier Shops at Caesars in Atlantic City. His firm also is involved with construction of The Outlet Shoppes at Foxwoods in Ledyard. "This large-scale development will offer a premier outlet center featuring the best, highest-quality stores of the world," Gordon, a Greenwich resident, said in a statement. Matt Armstrong, executive vice president of development at Gordon Group Holdings, credited the Dallas-based company as the driver of the West Haven project. CLICK TITLE TO CONTINUE
DOT officials bullish on CTfastrack's future
In hindsight, Michael Sanders says, the state initially made a mistake in the heralding and marketing of a 9.4-mile, $570 million rapid-transit busway connecting New Britain to Hartford.
Folks took too narrow a view, the Department of Transportation's transit administrator said, of the relevance and potential impact of the dedicated roadway to run along I-84. "We made a tactical error in calling this the New Britain-to-Hartford busway, because everyone got it into their mind that this was (only about) New Britain and Hartford,'' said the affable Sanders, now in his 20th year with DOT. "The reach of this is way more than just New Britain to Hartford." The project is now officially branded as CTfastrak. Sanders said folks in Waterbury and Manchester should also be encouraged about the busway because it will provide them transport options as well. Bus riders from those towns will be able to connect to various locales within the 10-station Hartford-New Britain corridor and beyond via CTfastrak. CLICK TITLE TO CONTINUE
Region shows strong support for rail upgrades grant request
New London — An upgraded railroad from New London to the Massachusetts border would provide immediate construction jobs and improve the region’s industrial economy for decades to come, supporters of a federal grant application for the upgrade project said Monday. About 50 political and business leaders gathered at Union Station Monday to voice support for the state’s application for an $8.3 million federal grant to upgrade the New England Central Railroad line. U.S. Rep. Joe Courtney, D-2nd District, organized the panel discussion to add evidence to the numerous letters of support that accompanied the state’s April application for Transportation Investment Generating Economic Recovery (TIGER) grant funding. Courtney will meet with U.S. Transportation Secretary Anthony Foxx on July 9 to discuss the project. The highly competitive grants are expected to be announced in late July or early August. Genesee & Wyoming, which owns the New England Central Line, has committed $2 million to the project. The funding would replace 19 miles of older jointed rail that was not designed for today’s heavy loads, and upgrade the route with installation of more than 15,000 new ties and 15,000 tons of ballast. In addition, the state of Connecticut has provided a $3.6 million Fix Freight First grant to the New England Central Rail corridor. CLICK TITLE TO CONTINUE
Branford bridge project causing problems for business
BRANFORD >> Grace Romano, the owner of Grace’s Grill on School Ground Road, said she’s been hurting for business ever since a nearby bridge project began in April, shutting down a well-traveled thoroughfare. Her diner sits about a half-mile from the busy Leetes Island Road exit on Interstate 95. Her address at 53 School Ground Road is located just north of the upper reaches of the Branford River. Connecticut Department of Transportation statistics show that School Ground Road sees an average of more than 7,000 vehicles each day. Not anymore. “This is my Friday lunch hour,” Romano said during an interview at her diner, where just six patrons were seated at her tables. “I have some regulars but I don’t know how much longer I can last.” The bridge site has been closed to traffic since April 14. According to the state DOT the bridge was built in 1941. School Ground Road is a popular shortcut for drivers heading from Interstate 95 north to Rte. 80 via North Branford Road. Drivers headed in that direction are now detoured east on U.S. Rte. 1, back to an area near the previous exit for Interstate 95, and then right onto North Branford Road. CLICK TITLE TO CONTINUE
Waterbury seeks damages from contractors
WATERBURY -- The city is going after two demolition contractors that missed deadlines for redevelopment of the old Chase Metalworks in Waterville. The city is seeking liquidated damages from Bestech Inc. of Ellington and Standard Demolition Services of Trumbull for falling months behind schedule. "They missed deadlines, and the city needs to be made whole," said Kevin DelGobbo, chief mayoral advisor. "The quality of work is fine, but it was late."
The delays forced the city to extend a contract with an environmental consulting firm it hired to monitor the project. That extension cost $100,000. It could also cost the city money if Luvata Waterbury, the manufacturing tenant waiting for the space, seeks damages from the city for missing its deadline. The contract with Luvata allows it to seek up to $600 a day from the city for each day it runs over its scheduled completion time, DelGobbo said. CLICK TITLE TO CONTINUE