By James Lomuscio
A land swap between the town and a developer that would net the town nine parking space on Elm Street is back on the table, according to Selectman Avi Kaner and developer David Waldman.
This building housing the Villa Del Sol Restaurant at 35 Elm St. would be razed and swapped for part of the town-owned parking lot across the street. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Waldman had scrapped the land swap idea in early December, saying the numbers did not work in terms of what the town wanted financially and what was economically feasible for him.
“The economics just didn’t work for me, and as a developer I had to let it go,” Waldman, principal of David Adam Realty who is heading up the nearby Bedford Square Project, told WestportNow on Dec. 5. (See WestportNow Dec. 5, 2016)
Since then, Waldman working with Kaner and Brian Stern, chairman of the Board of Finance, appear to have reached an agreement. It is expected to go before the finance board in April, and if successful, the Planning and Zoning Commission for approval.
“The parties kept the conversation going, and we seemed to have an economic model that works,” said Waldman.
Kaner agreed.
“Negotiating on behalf of the administration, I think we now have a very favorable likelihood of achieving this land swap that will result in financial benefit to the town and more importantly, the beautification of Elm Street as part of our overall downtown renewal,” Kaner said.
Waldman’s plan has been to put up a $7 million building on a piece of the town’s Baldwin Parking Lot at 36 Elm St., land he would trade for property he has an option to buy at 35 Elm St. across the road.
The plan has been supported by First Selectman Jim Marpe and received a positive P&Z report in September. (See WestportNow Sept. 29, 2016)
The project includes Waldman buying the Villa Del Sol building and property totaling .15449-acres at 36 Elm St., on which he has an option, for $6 million, including buying out the restaurant’s lease.
Waldman plans to raze the building and to make the area it into a parking lot. That lot is to be traded for a .15395-acre town parcel across the road at 35 Elm St. There, he wants to construct a two-story building for retail and residential tenants, with one of the apartments being affordable.
In December, the whole plan fell apart when the Board of Finance, which had to approve the transaction, needed assurances that the exchange would benefit the town financially.
“There were just so many pieces of pie to go around, and I ran out of pie,” he said then. “There was me, the town, the owner of the building and a tenant with a long-term lease.”
Since then, negotiations have reached an accord after Waldman offered an upfront payment to the town. The payment amount has not been disclosed. Kaner said it is acceptable to town officials and will be disclosed at a future public session.
“It (the proposed project) involves the net addition of nine parking spaces,” Kaner said. “It will be the demolition of the existing Villa Del Sol building, the building of a newly contiguous easy to use parking lot, additional annual property taxes and a onetime payment to the town.
“The original, proposed deal involved all of the above except for an upfront payment,” he added.
“We believe we can now meet the Board of Finance’s needs and move the project forward,” said Waldman. “We have been cooperating with all the parties involved.
“And if all of this works out, the restaurant will still be in business, but in a different location,” he added.
Waldman would not say where.
