By James Lomuscio

In another sign of Westport’s commercial real estate resurgence, a Main Street building has sold for $33.5 million, more than double what it sold for less than five years ago.

The recently renovated building at 125 Main St. sold for for more than double its purchase price in 2007. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

“It’s a great sale and a great testament to the strength of downtown Westport,” said developer David Waldman of Westport, a partner in the sale of 125 Main St., which took place Friday and was recorded in the Town Clerk’s Office today.

Waldman, principal of David Adam Realty, is a partner with the White Plains, N.Y.-based Acadia Realty Trust which purchased the property for $16.5 million from Sue Senie in the fall of 2007.

The sale of the recently renovated building housing the Gap stores is also a boon to municipal coffers as the town gets $83,740 in conveyance taxes.

Allen Edmonds, the men’s shoe store and accessories store, opens Wednesday at 69 Main St., according to store manager, Abby Beck (r). She said the new store – in space formerly occupied by The Gap—would celebrate its grand opening at a later date with an evening event. The Wisconsin native has worked for Allen Edmonds for 11 years and grew up just a few miles from its Port Washington, Wisc headquarters. She describes the business as “the Great American shoe company,” adding, “Don’t forget that we also carry men’s accessories.” The privately held Allen Edmonds company opened its first store in 1922. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Foundation work was laid today on the second building of the second phase of the Saugatuck Center development in Westport’s Saugatuck section. The development owned, by the Gault family, includes a mix of retail space and residences. The first phase, already completed, is across the street. (CLICK TO ENLARGE) Bob Eckman for WestportNow.com

The Great Stuff women’s apparel and accessories store has relocated to 68 Main St., former longtime home of Liquor Locker, which has moved to the Compo Shopping Center. The store had been at 142 Main St. for 12 years on the second floor of the distinctive gray barn that was built in the early 1700s. The Scarsdale-based retail chain of five stores opened in Westport “about 30 years ago and has been in four different locations,” according to employee Linda Erickson. She said the business moved to its current location because “it’s on the street level where there is more foot traffic.” (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

By Dave Matlow

Westport developer Rob Haroun and Sir Development have announced an agreement with two new retailers, Steven Alan and Paper Source, for 100 Post Road East, adjacent to the Old Town Hall at 90 Post Road East.

Steven Alan, a clothier, and Paper Source will occupy new commercial building next to Westrport’s old Town Hall.. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

The stone official home of town government built in 1909 is currently occupied by Spruce Home and Garden and, on the second floor, offices of a British-based hedge fund, Blue Crest Capital.  Haroun referred to the newly developed commercial enterprise as Old Town Hall Square. 

He said Steven Alan is a rapidly expanding West Coast based men’s and women’s clothing and accessories business that began in 1994.  Haroun, who describes Steven Alan as “an upscale J. Crew,” said that the store will sell “classic American attire” and that Westport will be its first eastern location outside of New York City where there are six stores with another five stores in California.

Paper Source, with locations in 21 states and D.C., is described by Haroun as “a candy store for paper.”  He said the store “enhances the creative process by offering the ingredients and ideas for customers of all ages” to create wrapping, photo albums and a wide range of creative paper products.

A new Italian restaurant, Arezzo, has opened at Westport’s 5 Riverside Ave., according to chef Sergio Llanos. The restaurant feature prime steaks, seafood, and pasta with a northern Italy influence and a full wine list. The 3,200-square feet location has seating for 80 diners inside and 24 diners outside on the patio along the Saugatuck river. Llanos said the restaurant serves dinner Sunday through Thursday 5 p.m. – 10 p.m. and weekends until 11 p.m. He said they have not yet determined when they will start serving lunch. The prior occupant was Napoli Sul Fume which closed in December 2010. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com