Preferred developers chosen: Bridgeport firm tapped for future of downtown Naugatuck

Corvus Capital Partners LLC Principals (left) Gary Flocco and Geof Ravenstine speak at the Board of Mayor and Burgesses meeting on Tuesday, Aug. 6 at Town Hall. Andreas Yilma Citizen’s News

By Andreas Yilma Citizen’s News

NAUGATUCK — Borough officials have chosen another developer to develop the downtown in the future.

The Board of Mayor and Burgesses unanimously approved at its regular meeting on Sept. 6 to select Bridgeport-based Corvus Capital Partners as the preferred developer for Parcel A or the Naugatuck Event Center at 6 Rubber Ave.

Borough officials set up interviews in August for the project, which included a site tour.

This comes after borough officials sent out a request for proposals in May to sell the Naugatuck Event Center as well as Parcels Y and Z, directly behind the building. The borough board has been in talks to sell the parcels of land for some time.

“We’ve all been extremely impressed by Corpus Capital Partners, their proposal, their interview, the site tour that they took us on, their financial backing, their team, their prior projects,” Mayor N. Warren “Pete” Hess said. “In my mind, without question, they are the best proposer for this project.”

The building is used for various events and meetings by borough officials, merchants and organizations. The four-story, 319,188-square-foot building was built in 1950 and sits on 3.9 acres. The borough took possession of the former General DataComm building in May 2013.

The building and land are valued at $8.6 million and assessed at about $6 million, Assessor Shelby Jackson previously said.

Hess said borough officials were unanimous in selecting this team.

“We’re moving in the right direction,” Deputy Mayor Robert A. Neth said.

Gary Flocco, a co-partner in Corvus Capital Partners, along with Geof Ravenstine, said they’re excited to have been chosen.

“We fell in love with Naugatuck the first time we came here and saw the opportunity,” Flocco said.

This comes after borough officials chose another developer for the land.

At a special meeting in July, the borough board selected Pennrose and the Cloud Co. to develop the 7.75 acres at the corner of Maple Street and Old Firehouse Road, near the Naugatuck Event Center.

Flocco and Ravenstine said they are looking forward to working with borough officials and share the same vision for the future. They plan to begin as soon as possible, Flocco said.