West Haven, CT Arnold Grant, CRE, MAI of Arnold J. Grant Associates, Inc. and Kristin Geenty, SIOR, president of The Geenty Group, Realtors, completed the sale of 5 Water St., which long served as the headquarters of The Bilco Company.
In January, 2011, The Bilco Co. decided to sell its five-acre home with the proviso that subsequent development and use of the site would be of benefit to West Haven. Dean Amadon, of Amadon Associates in West Hartford, assisted with the selection of the initial professional team. Patrick Pinnell, FAIA, CNU, APA of Architecture & Town Planning, LLC undertook land capacity studies. Grant, the listing broker, organized the marketing effort.
The property is the key parcel of a development project that was conceived when Geenty was approached by developers Sheldon Gordon and Matt Armstrong of The Haven, LLC. True to the Bilco Company’s mandate, the project would bring revenue, new opportunity and waterfront access to the people of West Haven.
Given its location in the West River Crossing Design Area, a 15-acre waterfront neighborhood, it was clear that maximum benefits would require the combination of The Bilco Co. property with neighboring properties. Sustained government efforts were critically important. U.S. Representative Rosa DeLauro helped secure funding for a $2 million bulkhead reconstruction project completed in 2012. It improved abutting city-owned property which is incorporated into the development project. West Haven Mayor Ed O’Brien and City Planning and Development Commissioner Joseph Riccio Jr. made the project the city’s top economic development priority.
While The Bilco Company property was the first property committed to a contract, it required three years of negotiations, planning and due diligence efforts before the transaction closed at a price of $3.1 million. During the process, The Bilco Company’s legal team was headed by Nancy K. Mendel, Esq, of Winnick, Ruben, Hoffnung, Peabody & Mendel, LLC. The Haven Group’s primary attorney was Coleen Hurlie-Dunn, Esq of Zeisler & Zeisler, P.C.