Early birds sort through items outside Vineyard Vines, 90 Main St., today as the Westport Downtown Merchants Association annual sidewalk sale got underway. The event continues through Sunday. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
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One Gorham Island Sells for $23.2 Million
The office building at 1 Gorham Island, with 360-degree views of the Saugatuck River, has changed hands for $23.19 million, according to the Town Clerk’s Office.
One Gorham Island has changed hands for the first time since it was built in the 1980s. (CLICK TO ENLARGE) File photo
When originally announced by the broker, it said the price was $22 million.
The buyer is Maplewood Gorham Island LLC, an affiliate of Maplewood Healthcare, a tenant in the 41,000-square foot building, which sits on a seven-acre private island.
The seller, Jo-Ann Nevas Price, is the daughter of the late Westport attorney Leo Nevas, who developed the property amid much controversy in the 1980s.
Report: Bridgewater to Change Into Partnership Model
Westport’s Bridgewater Associates, the world’s largest hedge fund, is about to change into a new partnership model, The New York Times said today.
The Bridgewater Associates Glendinning Place complex. (CLICK TO ENLARGE) Bridgewater Associates photo
It has long been tightly controlled by its founder, Ray Dalio, and his top two lieutenants.
The new partnership model, which was announced to employees and clients on Thursday, is the latest step in a plan for Dalio, 68, to play less of a day-to-day role managing the company over the next decade, the Times said.
“This will both broaden the ownership across the firm and help us remain employee controlled for generations to come,” Bridgewater’s co-chief executives, David McCormick and Eileen Murray, wrote in a letter to clients.
Comings & Goings: The ‘Port to Close
By Dave Matlow
The ‘Port Restaurant, 2A Post Road West in National Hall, will close at the end of the business day on Saturday, according to owner, Sal Augeri, who has operated the family friendly eatery since May 2017.
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The ‘Port took over space in National Hall vacated by the Vespa restaurant. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Augeri cited the lack of parking as The ‘Port’s No. 1 problem. “And it got worse when construction began next to bartaco,” he added.
He said other contributing factors included “the very competitive restaurant scene in Westport which, in turn, led to labor challenges since many restaurants were competing for the same applicants.”
“All in all, we could not overcome the hole we dealt ourselves,” Augeri said. “We didn’t have a chance to develop our brand as a community spot where everyone gets to know your name.
Comings & Goings: Ignazio Pizza to 833 Post Road East
Ignazio Pizza will open this year at 833 Post Road East in space formerly occupied by Bertucci’s Restaurant, according to Chris Maglione and Mark Holod of John D. Hastings Commercial Real Estate. Brooklyn-based owner Louis Termini also operates Ignazio Pizza, 10 Water St., for over 10 years in the Dumbo section of Brooklyn, where he offers thin-crust pies and appetizers in a simple space under the Brooklyn Bridge. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Comings & Goings: 1320 Post Road East Fully Leased
By Dave Matlow
In a sign that Westport retail is still attractive, a new retail complex on Post Road East is fully leased. And its owner says there was much tenant interest with flexibility the key to closing the deals.
The retail complex at 1320 Post Road East is fully leased. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
The building is at 1320 Post Road East, across from a Lexus dealership.
According to real estate developer Rob Haroun, the new tenants include a Kohler distributor home fixtures showroom, a hair services salon, and Surface, a stone and countertop showroom. All will open in the fall.
“it was challenging to find tenants even though we had 30 to 40 interested ones who were good, solid prospects,” said Haroun, whose properties include the Old Town Hall at 90 Post Road East.
Comings & Goings: Qdoba Mexican Grill Closes
Qdoba Mexican Grill, 275 Post Road East in Playhouse Square, has closed. The eatery opened in July 2014 in the space formerly occupied by Pierre Deux, the French country interior design and home furnishings store, which closed in 2011. Founded in 1995 by Anthony Miller and Robert Hauser, the business grew to 700 locations in 47 states, as of December 2017 at which time a consortium of funds led by Apollo Global Management announced the purchase of the Qdoba chain for approximately $305 million. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Honoring First Citizen Awardees
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The Westport Weston Chamber of Commerce tonight honored 2018 First Citizen Award recipients restaurateur Bill Taibe (c) and Maker Faire Westport creator Mark Mathias (r). More than 100 persons attended a dinner at the Westport Inn. They are pictured with Matt Mandell, Chamber executive director. In addition Young Entrepreneur Awards were presented to twin brothers David and Nathan Katz, Weston High School seniors, and Gary Perelberg and Neal Soni, Staples High School seniors. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
New Downtown Look
There is a new look on Westport’s Main Street. The facade and scaffolding has been removed from 36-42 Main St. after a demolition process over the past few months. The open lot is the former home of Shoe-Inn and Bobby Qs. The building was sold for $9.2 million in November 2014 by the late Drew Friedman, who originally opened Onion Alley in the Bobby Q space. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
P&Z Hears Plan for 6-Story, 81-Unit Housing Complex
All the facts were not in yet, so most of the public who had signed up to speak, deferred until the Planning and Zoning Commission (P&Z) meets on Thursday, June 21.
Proponents of the 81-unit development describe details tonight to the P&Z. (CLICK TO ENLARGE) Photo from Westport Town Television
But the major points made during the first reading were enough for a couple to rail against it: a six-story, 81-unit one- and two-bedroom rental housing development with 153 parking spaces, all of it just west of downtown, all of it via the state’s affordable housing statute 8-30g.
The proposed location of Cross Street LLC’s development cuts through Lincoln Street, Post Road West and Cross Street.
“This we feel is an ideal location because of its proximity to transit,” said John Fallon, attorney representing the developer.
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