Naugatuck buys former Bank of America branch for $1.1MAndrew Larson, Hartford Business Journal
The borough of Naugatuck has purchased for $1.1 million the former Bank of America building at 275 Church St.
Naugatuck Mayor N. Warren “Pete” Hess said the use of the newly acquired property will be determined by the Board of Mayor and Burgesses at its next meeting on Oct. 4. The property will likely be used for a a variety of community events, he said.
Hess said that purchasing the property, which includes parking in downtown Naugatuck, allows the borough to “determine the destiny” of the site rather than leave it up to the open market.
Meanwhile, the borough is reviewing responses to an RFP for the sale of the Naugatuck Events Center and plans to finalize an agreement with a buyer soon.
The former Bank of America branch was built in 1975 and consists of a standalone
5,060-square-foot structure on 1.13 acres.
New England Retail Properties Inc. President and COO Matt Halprin, along with associate Ryan Mendez, represented the seller, Spelke Family LLC of Stamford.
Hess handled negotiations for the borough.