Eclipse Development Group is in contract to purchase the former Lifetouch property on Main Street, a step forward in the effort to bring a new retail center to the Derby redevelopment zone.
Douglas Gray, the company’s CEO, appeared at a meeting of the Derby Redevelopment Agency Tuesday.
Gray’s company wants to build 180,000 square feet of retail in the area stretching along the Housatonic River from the Derby-Shelton bridge to the Lifetouch property.
Gray said the company has yet to schedule a closing meeting with Lifetouch to finalize the deal. He’s hoping that takes place within the next week — although he said there is a chance Lifetouch may choose to push the closing until January.
Gray said there are between eight to 11 tenants who are interested in becoming part of the retail center, which is scheduled to open in 2014.
However, no tenants have signed leases yet. The reason no one has committed is simple — the economy.
Gray said stores are waiting on Wall Street to rebound and for investors to start asking when the retailers will expand.
The advantage for the Derby project is that the opening date is still far away, giving plenty of time for the potential tenants to jump off the fence.
Gray did not name the retailers who are interested in opening stores in Derby. He said doing so would undermine his negotiations with the companies.
The project will include two restaurants and a pharmacy, according to plans on display in City Hall.
After the meeting, Mayor Anthony Staffieri said the redevelopment project is one of several projects on tap. The goal is to transform Derby’s Main Street.
Derby is using grant money to build a road from BJ’s on Division Street. It will stretch — but not connect — to the Derby train station. A commerce park is envisioned along that road.
In addition, the state is moving forward with a project to rebuild and widen Main Street, also known as Route 34, along the redevelopment zone.
The following videos are highlights from Tuesday’s Derby Redevelopment meeting, where agency members peppered Gray with questions about the project.
Agency member Michael Kelleher asked direct questions, such as whether Gray has the financing in place to make this happen.
Ken Hughes bounced questions off Gray gleamed from criticisms Derby Democrats have levied against the project.
In this video, Gray talks about when the project could open:
In this video, Gray responds to the criticism that Derby “is settling for a strip mall:”
In this video, Gray talks about the size of the largest potential tenant:
In this video, Gray talks about potential tenant interest:
In this final video, agency member Mike Kelleher asks about underground contamination on the site and whether Eclipse needs Derby money to make the project happen:
