The Torrington Development Corporation is pleased to share the following updates on the work completed to date regarding the Yankee Pedlar Inn. These efforts reflect significant progress in preserving the historic building and advancing plans for its future redevelopment. Highlights include securing funding, commissioning studies, and moving forward with the search for a developer.
- The Torrington Development Corporation We now have heaters on each floor to provide sufficient heat at 45-55 degrees to help mitigate any freeze-thaw or other conditions that will further erode the building’s integrity.
- A focused market study addressing hospitality and residential was commissioned to assess hospitality and residential uses. It is expected to be completed soon.
- A CT Licensed Environmental Professional and licensed hazardous building materials inspector were hired to review environmental documents obtained from the defendant through a request made by Judge Lynch.
- DECD awarded the TDC a $200,000 Brownfield Assessment grant which will be used to conduct additional testing, prepare a remedial action plan, and potentially prepare abatement and remediation specifications that a developer can incorporate into permit applications.
- RFQ for Developer Interest was issued on 11/25/2024 and was distributed directly to vetted developers along with a paid email blast to nearly 10,000 subscriptions in the Southern New England and NY Metro areas of the New England Real Estate Journal. The RFP was also distributed by the State Historic Preservation Office given its direct interest in a positive outcome.
- Four responses were received on 1/6/2025 and 3 were initially interviewed on 1/13 and 1/14. The Interview Committee consists of the Executive Committee along with Allan Borgesi and Stephanie Fried. Two respondents have been further shortlisted and will be invited to submit more detailed information during a second interview in February. The names of developers will not be disclosed until the Review Committee makes a recommendation to the Executive Committee
- The next court appearance is 1/30/25. We will continue executing our receivership plan and strategy with a request to proceed with site control by acquiring the building at an appraised value minus the cost of receivership (recoverable by statute) and in consideration of the cost of abatement and remediation. An updated appraisal has been completed for submission to the court.