A California developer has a year to line up retail tenants for a 160,000 square-foot conceptual plan endorsed by the city’s Redevelopment Agency.
(Note: The Derby section of the Electronic Valley has large-scale shots of the conceptual plan. Click here.)
Douglas B. Gray, the president and CEO of Eclipse Development, unveiled drawings at the Redevelopment meeting Tuesday that called for nine buildings ranging in size from 5,000 square feet to 58,000 square feet to be placed on 15 acres stretching along the south side of Main Street (Route 34) from the Derby-Shelton bridge to the Route 8 entrance ramps.
Gray repeatedly stressed his plans were conceptual — and that they could change depending on the tenants he attracts.
If everything goes as planned — and that’s always a large if — stores could open in 2013, Gray said.
“Hell, I’d like to start in three months, if I can,” he said.
In Connecticut, Eclipse developed North Haven Commons in North Haven. Click here for the company’s website.
Right now Gray said he has interest from two, possibly three, national restaurant chains — not fast food places such as McDonald’s. The rest of the development would be retail, including, possibly, a grocery store.
A “big box” store — Target, Home Depot — is not in the plan.
City officials said the project probably be Derby’s largest retail center, if fully developed.
The project could also generate between $400,000 to $500,000 in annual tax revenue, according to Sheila O’Malley, the city’s economic development director.
Gray’s plans showed 1,060 parking spaces — roughly three times the size of the Derby parking garage, Redevelopment Agency member Michael Kelleher pointed out.
The Redevelopment Agency’s approval of Gray’s idea was a critical point in the long-suffering redevelopment zone.
The next step is for Gray’s company to get 75 to 80 percent of the tenants to sign pre-lease agreements. They need a high percentage of tenant interest to qualify for a bank construction loan, Gray said.
“We think something very similar to this can be built,” Gray said.
After taking questions from Redevelopment Agency members, Gray took questions from the audience.
Audience members included Brian Calvert, owner of the venerable Calvert Safe and Lock at 40 Caroline St.
Calvert said no one from Eclipse had contacted him — and their plans showed a pretty fountain where is store now sits.
“I’ve never met you, I’ve never heard from you,” Calvert said.
“The next step, in our contract with city, is to take it from conceptual plan and see if it is something that can generate interest in the market,” Gray said.
Arlene Yacobacci, who owns property in the redevelopment zone, called the project a “fancy strip mall.” She also wanted to know what would happen to the existing businesses in the redevelopment zone. She asked whether properties would be taken by eminent domain.
“Once we know the project is feasible, you will be contacted by someone from my office,” Gray said.
City Treasurer Keith McLiverty urged the developer to go easy on the number of parking spaces. Home Depot and the new Derby Middle School are seas of empty parking spaces thanks to the formula used to determine the amount of spaces needed.
Joe Bomba, chairman of the Redevelopment Agency, said Gray’s company have been good to work with, so far.
“These guys have just been awesome to work with,” Bomba said of the developer. “They have taken more than a swing at this point. They have showed their total interest in the city of Derby.”
“Start building,” Mayor Anthony Staffieri said.
We live blogged the heck out of Wednesday’s meeting. Click the box below to relive the magic.
