Georgetown Land Company frustrated by its inability to obtain financing for infrastructure in a 55-a
Georgetown Land Company, frustrated by its inability to obtain financing for infrastructure in a 55-acre transit-oriented development in Redding, Connecticut, expects to sell the project to new owners by June. The company has announced that the site — the former Gilbert & Bennett wire mill — will be acquired by a new investment group called Georgetown Green LLC.
Georgetown Land, headed by Steve Soler, has been working since 2003 on planning the project, cleaning up pollution, demolishing some parts of the mill complex, and gaining approvals. The mixed-use development is to feature a new stop on the Metro North Commuter Railroad.
“We’re absolutely going to adhere to the master plan — if anything, we plan on enhancing the pedestrian-friendly attributes and reducing the density,” Callen Cooper, CEO of the new company, was quoted as saying by the Redding Pilot.
Once acquisition is completed, the new owners intend to spend 12 to 24 months preparing the site for housing, retail, and offices. Georgetown Green said funding agreements with several major institutional and private investors “will ensure the project gets back on firm financial ground.”