The new owner of the former Farrel Corp. “process lab” says he wants to put plans for the redevelopment of the downtown Ansonia eyesore before city officials next year.
The building at 501 E. Main St. became the property of Long Island-based Shaw Growth Ventures last week when a foreclosure was finalized against Washington Management, which had owned it for nearly four years.
Shaw’s president, Vasilios Lefkaditis, said Tuesday that while plans aren’t yet definite, “the hope is to go in front of (the city’s land use boards) in 2017.”
Shaw Growth Ventures also took ownership of 65 Main St., another former Farrel property.
Background
Washington Management bought roughly 10 acres of former Farrel Corp. properties on both sides of Main Street in January 2013, amid much fanfare and promises of redevelopment.
But the plan went nowhere.
Parts of the properties were occupied with tenants when Washington Management took ownership.
The building at 501 E. Main St. is a major eyesore in downtown Ansonia.
In late 2014, the city issued a blight citations against the building because of graffiti, overgrowth, more than 200 broken windows, and other problems.
Those liens, now totaling millions of dollars, remain pending — and $20,000 is added every day. The building was appraised at just $210,000 this year.
The other property at 65 Main St. is an office building with a 108-spot parking garage underneath appraised at $820,000.
Shaw Growth Ventures owned the loan Washington Management used to buy the properties in 2013.
However, Shaw sued Washington Management last May, saying Washington Management had defaulted on the loan by missing payments.
New Owner: Stay Tuned
After more than a year of legal wrangling, Shaw officially took title to the properties last Wednesday (Nov. 28).
During a phone interview with the Valley Indy Tuesday, Vasilios Lefkaditis said that while it’s too early to give a firm timeline to redevelop the properties, he wants to get things moving sooner rather than later.
“We’re excited that the foreclosure is behind us and we’re working closely with the city,” Lefkaditis said.
He said the company wants to redevelop the former process lab as a residential property.
Shaw and the city are also discussing the parking garage at 65 Main St.
That’s because the city is also in talks to sell two former industrial buildings nearby — the Palmer Building at 153 Main St. and adjoining “Ansonia Technology Park” building at 497 E. Main St. — to developer Jerry Nocerino, who wants to turn them into about 90 or so apartments.
“We have been in discussions with Shaw regarding parking because parking requirements will need to be met with any and all uses for these buildings,” Sheila O’Malley, the city’s economic development director, said in an email Tuesday. “I think we need to think globally about how we can change the parking situation from an obstacle to an added benefit.”
Lefkaditis said it’s too soon since the company took title to reveal any concrete plans.
“In due time we’re going have an unveiling,” he said, noting the company has only owned the property for a week. “This is all very new.”
But in general, he said he’s confident.
“Downtown Ansonia is prime for redevelopment and we’re excited to work with the city to make this happen,” he said.
Mayor David Cassetti said in a prepared statement that he’s looking forward to it.
“Shaw has indicated in our discussions that they want to work to resolve the blight lien issue and to work with the city on creating a development that will benefit Ansonia,” he said. “I (am) optimistic about Shaw’s capabilities and their willingness to work with us.”
While the mayor expressed confidence in the property’s new owners, he said “the blight lien gives us a degree of control and will certainly move things along.”
