NewHavenBIZ

28 n e w h a v e n B I Z | M a y 2 0 2 3 | n e w h a v e n b i z . c o m W h a t ' s T h e D e a l By Hanna Snyder Gambini T he former Palmieri tomato sauce factory, now under new owner- ship, could be part of the Mill River District's redevelopment vision in New Haven's Fair Haven neighborhood. In late March, New York-based 145 Hamilton LLC, an affiliate of e Greyhill Group, paid $700,000 for a commercial industrial building at 150 Wallace St., also listed as 145 Hamilton St. Palmieri Food Products made tomato sauce and other Italian foods there. e city foreclosed on the property in 2019 due to unpaid taxes. Greyhill associates could not be reached for comment on their plans for the property. New Haven's Economic Development Administrator Michael Piscitelli said city staff recently met with the Greyhill team to discuss a range of opportunities for the 1.3-acre property. "Over the long-term, the Mill River Planning Study contemplates both com- mercial and residential uses, recognizing the jobs and economic value of this important mixed-use district," Piscitelli said. "For the near term, we are looking forward to a continuing dialogue with Greyhill," on options for either new business relocation or redevelopment plans. e Mill River District sits on the banks of the Mill River near Interstates 91 and 95, featuring a number of in- dustrial centers for food processing and distribution, precision manufacturing, design and construction support, spe- cialty building supplies fabrication, and other diverse commercial enterprises. A 2013 study estimated that nearly 40% of Mill River District land is vacant or underutilized for potential industries that could promote jobs and industrial activity. "Over time, the closure of several plants has le a number of prime sites available for redevelopment," city docu- ments said. But the location and history of the area present challenges for the city and potential developers. "Although studies have revealed op- portunities for new sustainable models of urban development, some sites, given their history as former heavy industrial facilities, require more investment to re- develop than similar suburban locations and are therefore at risk of remaining vacant or underutilized for a substantial period," city documents said. A revised Municipal Development Plan renewed and expanded the boundaries of the previous Mill River development plan. e final project will include the development of site recom- mendations, new regulatory tools, and infrastructure improvements that incen- tivize the continued revitalization of and growth towards an industrial mixed-use district. "e project also aims to create a compelling identity for the district that will help retain existing businesses and attract new investment over time," city docu- ments said. Principals of 145 Hamilton, Jacob Herskowitz, Yeshaya Cohen, Moshe Bloori- an and Schneur Brook, have acquired several properties in Con- necticut as Greyhill. e associates also paid Fairfield-based GJS Properties, LLC $7 million for a 70,000-square-foot Milford industrial property at 881 Bos- ton Post Road in January 2022. Tesla, Inc. leases a portion of the 70,000-square-foot showroom and service center building that sits on 3.24 acres along the bustling commercial stretch of Route 1. e company also paid $5.9 million for a 48-unit Hartford apartment build- ing near Hartford's Union Station in December of last year, announcing plans to upgrade the rental units. Greyhill owns more than 400 apart- ments and 800,000 square feet of industrial space in New York and Con- necticut, according to the company. n Ex-pasta sauce factory poised for new chapter The former Palmieri tomato sauce factory property in New Haven. B u y e r s & S e l l e r s 'HealthTech Park' planned in Branford A new 500,000-square-foot medical and life sciences development called "HealthTech Park" is being planned for a 120-acre property bordering I-95 in Branford. e site is the former Bittersweet Farm parcel. Ryan Companies US Inc., a con- struction firm based in Minnesota, and Connecticut-based Henrich Partners LLC are co-developing the project with landowners Belfonti Companies LLC of Hamden and A. Secondino & Son Inc. of Branford, according to an announcement. e project still needs local land use board review and approval. Plans are for the development to offer Class A medical office space for hos- pitals, medical groups and life science companies. According to the develop- ers, it will provide space for doctors, researchers and innovators to do their work in a park-like setting, with trees, creeks and walking paths, while also providing easy highway access. HealthTech Park IMAGE | CONTRIBUTED Cheshire warehouse fetches $39M A large commercial building in Cheshire has been sold for nearly $40 million. e 82-acre site at 181 West Johnson Ave., was sold by New York City-based G&I IX Cheshire LLC to Teaneck, New Jersey-based 181 West Johnson Holding LLC and principals Azriel Mandel and Adam Mermelstein for $39 million in a deal recorded April 5. e two are founders of Treetop Development, a national real estate investment firm focused on multifamily, low-income housing and industrial investments. e 527,000-square-foot warehouse, built in 1960 and renovated in 1996, is fully occupied except for roughly 56,000 square feet of vacant space. It houses the regional fulfillment center for Macy's department store. It has a total appraised value of $21.1 million, with the building appraised at more than $17.4 million. e property is located at the intersection of interstates 84 and 691, and has approvals for a 300,000-square-foot expansion. n An aerial view of the former Palmieri Food Products property. PHOTOS | CONTRIBUTED

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