A plan approved this fall to convert parts of a prominent Main Street building from offices to residential units has hit a snag as the contract purchaser has pulled out.
The Planning & Zoning Commission during its Oct. 29 meeting voted unanimously to approve changes at 112 Main St., known locally as “The Raymond Building.” It currently has five ground floor retail units and 10 upper floor office spaces.
P&Z approved a plan to keep the street-level front of the building as retail while building out the back of the first floor to add three residential units (two of which would be affordable), while the second and third floors would have four dwelling units each and two more units would be added to an expanded fourth floor.
However, the builder/developer associated with the project “did recently drop out,” David Silverberg, principal of the company that owns the property, told NewCanaanite.com in an email when asked for a status update.
“We’re looking for a replacement buyer/developer to see the project through,” he said. “We already have serious interest, which is nice, but we have not yet made any decisions.”
P&Z’s approval remains in place.
“As a fan, and as you already know, I believe this project will help the downtown,” Silverberg said in the email. “The town has dedicated a lot of effort to make this happen. As did the initial developer who, despite their inability to move forward, should be commended on laying all the groundwork. The planning and preparation they completed was impressive. Unfortunately, in projects like these, it is not uncommon for initial developers to drop out. These situations do provide opportunities to those who take it over.”
He added that “Qualified and interested parties should reach out to us now,” and referred those parties to Al Mirin at Cushman and Wakefield.
P&Z approved the project following multiple “pre-application” presentations and two public hearings. At those hearings, opponents of the project voiced concerns about property values, impact on nearby businesses, character of the downtown and unintentional fallout from attendant changes to the New Canaan Zoning Regulations. Two business owners outlined their concerns in a letter to the New Canaanite, to which Silverberg responded.)
“In summary, yes, the buyer/developer dropped out,” Silverberg said in the letter. “This is a setback. We are now in the stage of looking for a replacement buyer/developer. However, we are hopeful we can do the town proud.”