Having won a $750,000 one-time upfront payment, the Westport Board of Finance tonight gave its approval to a land swap with developer David Waldman on Elm Street.
Selectman Avi Kaner outlined the deal to the board, calling it a “triple win” for the town.
In addition to the one-time payment, the town will receive approximately $38,000 in annual taxes and gain nine parking spaces, he said.
More importantly, Kaner said, the town will benefit by the beautification of Elm Street as part of its overall downtown renewal.
Under the plan, which still needs other approvals by the Planning and Zoning Commission and Board of Selectmen, Waldman—partner in the adjacent Bedford Square development—would acquire a piece of the town’s Baldwin Parking Lot at 36 Elm St. for construction of a $7 million building.
In return, the town would get land for additional parking, which is currently occupied by the Villa Del Sol building Waldman has now purchased at 35 Elm St. Kaner said both properties have been valued at about $3.4 million each.
The new deal came after Waldman had said in December it was dead, only to have renewed talks with the upfront payment as a sweetener. (See WestportNow Feb. 9, 2017)
