Thursday, May 30, 2024

Army Engine Plant Conveyance Complete

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From Stratford Mayor’s Office

“After over 25 years in the making, we are excited to see what the future holds for this 77-acre property…,” Mayor Laura Hoydick said.

Stratford Mayor Laura R. Hoydick, Economic Development Director Mary Dean, Michael Reheuser, Director of Installation Services Office of the Deputy Chief of Staff, G-9 for the U.S. Army, along with several other Army officials, Greg Hencir from USACE (U.S. Army Corps of Engineers), Ray Frigon from CT DEEP, and Jim Cabrera and Ted Lane from Point Stratford Renewal (PSR), held a ceremony to commemorate the recent conveyance of the Stratford Army Engine Plant from the Army and USACE to Point Stratford Renewal, the developers.

Army Engine Plant History

The property was initially developed in 1927 for Sikorsky Aircraft, where aircraft and engines were manufactured from 1929 to 1948. The plant was expanded during World War II to accommodate mass production of the F4U Corsair fighter plane. From 1952 until it closed, the plant was used to produce reciprocating aircraft engines and turbine engines. All were designed, developed and manufactured in this facility for both commercial and military applications.

By 1968, 10,000 people were employed in the plant.

In October 1995, SAEP (Stratford Army Engine Plant) was placed on the Base Realignment and Closure (BRAC) list. The site closed in 1998 as part of the BRAC Act.

Point Stratford Renewal (PSR) was chosen as the preferred developer by the Army in November, 2013. PSR will be entering into an Environmental Service Cooperative Agreement (ESCA), which will allow them to manage the remediation of the mudflats simultaneously with the upland property, in order to speed up the timeframe of the project.

To help expedite the undertaking, Town departments are working to guarantee timely and efficient processes while coordinating with PSR. Point Stratford Renewal, a collaboration of at least three separate Connecticut companies, won approval from the General Services Administration to enter into a purchase and sale agreement to redevelop the sprawling waterfront brownfield. The companies joined on the project include Plainville-based Loureiro Properties LLC, Hartford-based Development Resources LLC, and Sedgwick Partners LLC.

Sedgwick Partners is a Stratford-based real estate investment and advisory firm focused on brownfield property development, investment, asset management and real estate services throughout the United States. The firm invests and advises across the entire capital structure of real estate in multiple asset classes: industrial, office and retail, core and NNN-leased properties, value-add and opportunistic/distressed.

Development Resources LLC is a private real estate development company that acquires, develops and renovates office, commercial, and multi-family residential properties in the Northeastern United States. By targeting undeveloped sites, brownfields, and value-added properties with exceptional potential, and applying its development expertise, the Company is able to offer competitive returns to its investors and partners.

Development Resources was founded in 2006 by Donald Gershman, principal of the company, who has been active in the real estate business as a developer and as an attorney for over 25 years.

The 77-acre project has nearly one mile of picturesque waterfront near the mouth of the Housatonic River as it meets Long Island Sound. The property is located adjacent to the Sikorsky Airport and is roughly one mile from multiple I-95 exits and the Metro North Station in Stratford. The planned mixed-use development will accommodate several million square feet of residential, senior living, retail, hotel, entertainment, beer garden, and various commercial/industrial uses

Mayor Hoydick expressed her gratitude for all those involved, including the Army, USACE, CT DEEP, the EPA, and PSR, and for the patience of the public throughout the years.

“Thank you to all stakeholders involved who helped move the conveyance forward,” she said. “After over 25 years in the making, we are excited to see what the future holds for this 77-acre property, one that is rich in and of great significance to Stratford’s history.”

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