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The Property Exchange
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Business New Haven
10/28/2002
By: BNH
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NEWS
Paugussetts Eye Milford Jai-Alai
MILFORD - The Golden Hill Paugussetts may want to buy the former Milford Jai-Alai building on Old Gate Lane, possibly to convert the site into an entertainment or training complex for personnel at a planned Bridgeport casino.
Milford Jai-Alai closed last December after more than 25 years, ironically because Indian casinos in the eastern part of the state had reduced the fronton's revenue.
DeForest Smith, the real estate broker representing the property's owners, said four of the six active bidders for the site would develop a retail center there.
“We've had talks about it with the Milford Jai-Alai people from the very early stages, and those options are still viable,” said Chief Quiet Hawk, also known as Aurelius H. Piper Jr. of Trumbull.
Although the 25-acre jai alai site would be too small for a casino, the tribe may purchase it for an economic development center or a training complex that would be an offshoot of its planned Bridgeport operations, said Paugussett spokesperson Aurelius H. Piper Jr. in published reports.
The tribe's plans, however, are dependent on federal recognition. A decision on that application may come in several months.
For Raveis.com, Hits Just Keep on Coming
SHELTON - The Raveis.com Web site for homebuyers and sellers posted a 400-percent increase in hits on the site during the month of September.
According to Thomas Barone, senior vice president of the firm's e-commerce division, the site's “My Raveis” feature allows users to receive notice of selected new properties available for sale from a pool of more than 24,000 Connecticut listings, with new updates coming online every 24 hours. Home buyers can search by street, town, price range or other criteria.
Usage reports reveal a fourfold increase in Web site hits, up from one million hits in August. In addition, said Barone, visitors are spending double the amount of time on the site as they did in previous months. The company credits the spike to Web site enhancements as well as a recent campaign to strengthen the firm's brand through corporate advertising.
William Raveis Real Estate & Home Services is New England's largest privately held, family-owned real estate firm. It is the 27th largest real-estate brokerage nationwide, with a projected sales volume of $3 billion in 2002.
RE Scholarship Founded
HARTFORD - The Connecticut/Westchester chapter of CoreNet Global will establish a scholarship program to support undergraduate students at the Center for Real Estate Studies at the University of Connecticut School of Business. The first recipients of the scholarship will be announced early next year.
Scholarships will be awarded based on students' need and potential to excel in the real estate industry, says Nicholas Morizio, president of Colliers Dow & Condon, a member of the board of directors of the CoreNetGlobel Connecticut/Westchester chapter. The board will determine the amount of the scholarships and the number of students receiving them by the end of this year, Morizio says.
The real estate scholarship is part of the chapter's ongoing support of the communities in which its members do business. Most recently, the organization contributed $2,500 to help sponsor Jeff's Running Partners, a program of the Hartford Marathon Foundation that enables Connecticut school children to raise money for community projects by running one mile apiece alongside their teachers in the Hartford Marathon.
SALES
Timex Building Sells 0for $7.2M
MIDDLEBURY - The former headquarters of the Timex Corp. at 1579 Straits Turnpike, a three-story, 110,000-square-foot office building, has been sold for $7.2 million for conversion to professional and medical offices. Buyer Norman Drubner, a Waterbury attorney, plans to market the property as professional condominium units. The property, originally designed by the Bridgeport architecture firm of Fletcher Thompson and including a rooftop helipad, most recently functioned as headquarters of General DataComm. The building sits next to a 278,000-square-foot former Timex manufacturing building that is available for immediate lease and occupancy. Joseph Breault Sr. of M.F. DiScala & Co. brokered the transaction.
Estate Sells Bethany Office Building
BETHANY - Bethwood Crossing, LLCX has purchased 171 Amity Road for $360,000. The office-showroom facility sited on 1.7 acres will be converted to multi-tenant office use. The seller, the estate of Bernard Burge, was represented by Stephen Press of Press/Cuozzo Realtors. Colonial Properties' Gary Richitelli represented the buyer.
LEASES
East Coast Equity Leases in Milford
MILFORD - East Coast Equity has leased 1,200 square feet of space at 300 Bic Drive, joining tenants including Subway, Bic Pen and ADP. East Coast was represented by Don Ludington of Grubb & Ellis, while Christopher O'Hara of Coldwell Banker Commercial NRT represented the tenant, 300 Bic Drive Realty Inc.
New Tenant for Street Bldg.
NEW HAVEN - Norwalk-based Cornerstone Business Credit has signed a five-year lease plus options at 742-756 Chapel Street, New Haven, known as the “Street Building” at the intersection of Chapel and State streets downtown. Under new ownership in the form of Chapel & State, LLC, the building is undergoing major renovations and updating. Stephen Press, principal of Press/Cuozzo Realtors, was sole broker in the transaction.
Relizon Relocates
NORTH HAVEN - The Relizon Co. has signed a multi-year lease of 2,200 square feet for Unit F-2 at Sturbridge Commons Office Park, 250 State Street. The company was represented by Larry Levere of Sentry Commercial, while Joel Nesson of Press/Cuozzo Realtor represented the property owners.
PROJECTS OUT TO BID
Developer Sought for Museum Project
WINDSOR - The town of Windsor and the Vintage Radio & Communications Museum of Connecticut are looking for a developer to partner in the creation of a top-quality, market-rate housing or mixed-use project. The project is a key element to the town's strategic efforts to enhance its center.
The property, at 33 Mechanic Street in Windsor center, is a former industrial building on 2.9 acres adjoining an Amtrak commuter station, according to Jim Burke, the town's director of economic development. The three-story, L-shaped structure houses some 88,000 square feet and is in the Broad Street Green National Register District.
The museum purchased the building late last year and is working with the town to find a developer that would like to take over a majority portion of the property for development into market-rate housing.
The town and museum have issued a Request for Qualifications for developers interested in the project. Particulars are available from the town's Web site, www.townofwindsorct.com/economicdevelopment/rfp.htm, or by calling 860-285-1877. Responses to the RFQ must be received by November 14.
EXCLUSIVE LISTINGS
Edifice Complex
NEW HAVEN - Stephen Press of Press/Cuozzo Realtors has been named exclusive leasing agent for the Anderson Mansion at 442 Orange Street, New Haven. The 16,408-square-foot brownstone is a significant architectural landmark. The entire building is available for lease or will subdivide by full floors or approximately 4,200 square feet, which are available immediately. On-site parking is available for 20 vehicles.
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