Foreign Company Takes Whuppin in Bridgeport

 

Bridgeport is still enjoying the benefits of the Kelo decision and is seeking to benefit a prime developer by purchasing a nearby piece of property for assemblage.

The market is the market. Sometimes, a property has value simply because of its size and it is part of a necessary assemblage. Here, we have a developer who has plenty of land, but needs more in order to make a project work. A foreign manufacturing and energy company, Invensys, is stuck in the jaws of an acquisitive government.

http://www.stamfordadvocate.com/local/article/Port-Authority-to-take-land-by-eminent-domain-4503974.php

That plan fell apart in 2003, shortly before the Comanche project was canceled.

Since then, DiNardo said he's had a hard time marketing the 92,000-square-foot office building Sikorsky was supposed to occupy.

"I have an office building with no parking," he said.

In the past, DiNardo said he has tried to purchase the property from the owner, a British company called Invensys Inc., and even got them to agree to clean up and cap the site before he bought it.

However, Invensys, a major energy and manufacturing company, backed down once it realized the land was worth half the clean up cost, DiNardo said. A call to the company's Foxboro, Mass., office was not returned.

The land is so important to the redevelopment of his sites, though, that DiNardo said he is willing to pay to clean up or cap any contaminated land himself.

"We need the land," he said. "If we don't get it, I'm going to have to knock the office building down."

"We will spend the money to make the project work out," he added, noting that a warehouse or manufacturing space creates far fewer jobs than a barely used office building.



Read more: http://www.stamfordadvocate.com/local/article/Port-Authority-to-take-land-by-eminent-domain-4503974.php#ixzz2TPtvuD75

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