SEYMOUR – Two current town officials and three local real estate experts said Tri-Town Plaza might have a better chance of being redeveloped now that the ownership structure is simple.
“I believe any future plans for the site will be easier to implement now that ownership has been consolidated under a single party,” Fred Messore said via an email.
Messore is a vice-president with Colonial Properties, Inc., a commercial and residential real estate firm in Orange. He was also the Seymour Economic Development Director from 2011 until 2017.
In July, The Valley Indy reported that a deal had been struck to end a long-running lawsuit between the various parties that controlled Tri-Town Plaza off Derby Avenue: Connecticut Properties Tri-Town Plaza, LLC, Goodyear Property Management LLC, and the trustees of the William H. Shaw Connecticut Realty Trust.
The settlement put one entity in charge as owner: Connecticut Properties Tri-Town Plaza, LLC. That’s the limited liability company whose principal is Nevada resident Ron Spector, who has long been the public face of the shopping center.
Spector did not return calls for comment. His company also agreed to pay the other companies $1.1 million, according to the case file.
Messore, who dealt with Tri-Town during his time in Seymour, said one owner is better than three separate entities.
“While any future transaction will still need to be economically feasible, negotiating with one owner instead of multiple parties simplifies the process and makes it easier to evaluate the value and structure of a potential deal,” Messore said.
Sad Town
While it was once a hub of retail activity, Tri-Town’s two main anchors – Ames Department Store and Adam’s Supermarket – closed in 2002 and 2003.
The Entertainment Cinemas movie theater never opened again after closing in March 2020 during the COVID-19 pandemic. The movie theater had been in business for 22 years.
There are still several stores there, but the large strip mall parking lot is now mostly taken up by rows of concrete dividers instead of vehicles.
Meanwhile . . .
Tri-Town’s inability to redevelop stands in stark contrast to other projects in the Valley.
- Three miles away from Tri-Town there’s Red Raider Plaza on Pershing Drive in Derby. It went from dated shopping plaza to busy place after a partial teardown in 2012. It’s anchored by a Planet Fitness and an Aldi’s grocery store.
- Ansonia’s Main Street is less than 2 miles from Tri-Town. It went from empty storefronts in 2009 to restaurant row today. The Big Y Shopping Center on Main Street has a new owner and a new grocery store is on the way.
- Six miles from Tri-Town, there’s Quarry Walk on Route 67 in Oxford. It’s a mix of retail and townhouses that opened around 2015. It generates $1 million in tax revenue for the Town of Oxford, according to The Connecticut Post.
If You Build It . . .
Tri-Town also has quick access to both Route 8 north and Route 8 south – something you can’t say about Red Raider Plaza, Ansonia’s Main Street, or Quarry Walk.
Messore said Tri-Town’s a potential gem.
“The property is well positioned for a wide variety of commercial and mixed-use opportunities,” Messore added. “Its large site size, exceptional visibility and high-traffic location directly off Route 8 make it an attractive opportunity for many types of users. In addition, the surrounding area offers strong household income demographics and a substantial consumer base, making the site appealing to local, regional and national tenants alike.”
All those factors could make Tri-Town attractive to an investor or buyer. The property is already listed for sale, according to this listing.
Mixed Use?
Kurt Miller is a former Seymour First Selectman. He now serves as chief administrative officer in current First Selectwoman Annmarie Drugonis’ administration.
He said having a single owner makes things easier. Miller also said a mixed-use development, one with residences and businesses, might work at Tri-Town.
“I think the location is a perfect spot for some type of mixed-use development,” Miller said. “I think it could be a very attractive option for Mr. Spector himself, or for another investor should it become available. Either way, a development of that potential size would have a nice impact and benefit to the residents of Seymour.”
Hold Your Horses
First Selectwoman Annmarie Drugonis said she’d like to see Tri-Town thriving again, but was cautious with her enthusiasm.
“Businesses follow rooftops, and you won’t have the business without the rooftops,” Drugonis said. “It costs money to build and from what I hear, a Trader Joe’s wants to see 100,000 residents, and they want a community around them. Seymour has 17,000 residents. We’re a bedroom community.”
Drugonis said she hopes since Spector spent $1.1 million out of his pocket to purchase the property outright, it will “incentivize” him to bring in some much-needed development there.
“Hopefully he is able to take advantage of the new opportunity he has created for himself and get a project going,” Drugonis said.
I’ll Tell You What The Problem Is
Robert J. Koskelowski served as Seymour First Selectman from 1983 until 1993 and then again from 2003 until 2009.
He said the best scenario is for Spector to sell the property so that it can be redeveloped. Spector has clashed with the town officials over the years, Koskelowski included.
“He’s impossible to work with,” Koskelowski said. “He’s had over 20 years to do something there for the town of Seymour and for himself and he’s done absolutely nothing but tear down a building and create a big rock garden. He uses that property as a tax write-off.”
Koskelowski pointed to progress happening in neighboring Ansonia while Tri-Town is stagnant.
“I don’t know what Spector’s problem is. When I was First Selectman, many businesses wanted to go into Tri-Town and I would put them in touch with Spector. For whatever reason, he always said no, he always came up with an excuse.”
Koskelowski said he’d like to see Spector sell the property.
“I would also love to see a Walmart there,” Koskelowski said. “Retail is what people need so they don’t have to travel so far.”
The Private Sector
Joe Salemme is the developer who took the vacant former Lifetouch property at 90 Main St. in Derby and turned it into Trolley Pointe, a building with 105 apartments.
He said mixed-use would probably work at Tri-Town.
“A Tractor Supply store or something similar based on the data and demographics would also be well-suited for the plaza,” Salemme said via a text. “Those companies do extensive research and have a good indication of demand for their product. I’d consult with a commercial real estate expert and understand the town’s vision before anything.”
Rosalie Averill, a Valley realtor since 1979, is past president of the Valley Association of Realtors, and a former member of Seymour’s Economic Development Commission.
She said just one owner could make a difference.
“It is far easier to iron out issues and work through differences when there are two parties – one party wanting to sell and one party willing to buy,” Averill said via an email. “Prospective buyers may be reluctant to make such an investment if the ownership structure of the property is complex, potentially leading to protracted negotiations.”
Averill said regardless of who owns the property, the location is everything.
“It is apparent that Seymour and the rest of the Valley need a place to shop – groceries, dry goods, clothing and more dining options,” Averill said. “Its location – easy on and easy off Route 8 – make the plaza’s location ideal for patrons and businesses who wish to invest in projects in this plaza.”