Hartford Business Journal

8 HARTFORDBUSINESS.COM | JUNE 24, 2024 Deal Watch The new owner of 207 Church St., Wethersfield, has a new vision for the historic property. PHOTO | COSTAR New owner of historic Wethersfield Auction House building eyes restaurant, commercial, shared office space in 'multimillion-dollar' redevelopment of the original building, which looks out onto Church Street. The large kitchen would sit behind the restau- rant, and part of the second story could be used as a banquet area. The building, which sits on 2.34 acres, has room for multiple tenants, even with a large anchor restaurant. Vegh envisions outdoor dining or gathering space on a second-level terrace that he would build atop of the flat roofs of the warehouse and auction hall sections of the property. He will also install a modern-looking, all-glass elevator, while keeping much of the original exposed beams and brick walls that give the property a vintage yet updated feel. Vegh said another ideal use would be a microbrewery tasting room or even entertainment. Wethersfield has primarily been a residential community, and "very constrained in terms of commercial land and commercial buildings," Vegh said. "And I think it's exciting that there's a really strong prospect for vibrant commercial develop- ments taking place." Wethersfield Town Manager Fred Presley and Mayor Ken Lesser have had multiple meetings with the new owners of the auction house. "We are very excited for the oppor- tunity to work with their team to have this critical property redeveloped for the benefit of the entire community," Presley said. Vegh said he is still assembling his development team, including designers and builders who specialize in restoring vintage buildings. Restoring old industrial buildings is a popular option for developers, especially in Connecticut, which is dotted with many aging properties that have outlived their original uses. Some examples include the 160-unit Montgomery Mill apartment complex in Windsor Locks, and the mixed residential and commercial space in the old Colt factory in Hartford. However, restoring old buildings can be costly, especially if remedia- tion work is needed. Altobello said the Church Street building is free of lead and asbestos. Still, Vegh estimates a "multi- million-dollar" investment into the project, with construction lasting around six to nine months. He's hoping to have tenants in by the second quarter of 2025, he said. Altobello is also handling lease-ups for tenants. In the back part of the building, Vegh is hoping for some commercial businesses, maybe a bike shop or spa. The third floor would likely be converted into communal or shared work space that people can rent. "So, you can go to work, have your lunch, have a place to refresh yourself. The tenants that we're going to bring together should really coexist with each other, and I want to create something that will make a landmark and also some symbiosis," Vegh said. (From left) Michael Nimaroff, of Cornerstone Builders, broker JD Altobello, and Solomon Vegh, CEO of Cornerstone. HBJ PHOTO | HANNA SNYDER GAMBINI By Hanna Snyder Gambini hgambini@hartfordbusiness.com G oing once, going twice…. Wetherfield's old Clearing House Auction Galleries building has been sold to a real estate investor who envisions a mix of old and new in a central meeting area with restaurant, commercial and shared office space. Solomon Vegh, of Spring Valley, New York-based Cornerstone Builders, bought 207 Church St. for $1.37 million in May. Former owner Jay Maffe purchased the building in 2021 for $975,000, intending to use it as a commissary for his Square Peg Pizzeria restau- rant group, according to broker JD Altobello of Trophy Properties, which has had the listing and will manage tenant leases. Square Peg has nine locations and two more in the works, but plans for the Wethersfield building did not come to fruition, Altobello said. Instead, Maffe has since purchased an East Hartford site for his commis- sary. Previously, the Church Street building was also sold in 2017 for $700,000, according to town land records. The 21,000-square-foot property includes the original main building fronting Church Street, built in 1880, and attached additions in the rear — a warehouse and auction hall — that were built in the 1960s. Vegh, who owns other single- and multifamily properties in Connecticut, said his plans for the Wethersfield site are not yet solidified, but he sees the building's potential as a show- piece for the center of town. Wethersfield history The three-story brick building sits along train tracks that delineate the Old Wethersfield section of town. While the property does not have any historical designations, its history dates back to the 19th century, Altobello said. Originally, the building was used by Bailey Manufacturing to make letter copy machines until 1900, when the National Machine Co. occupied the factory from 1900 to 1925. The Gra-Rock ginger ale bottling company took over from 1925 until about 1958, according to Connecti- cutmills.org. Ingredients and supplies were delivered via train, then the soft drink was bottled and shipped out along the same tracks, Altobello said. It later became an auction house, but has sat vacant since 2015. Altobello said one previous owner was looking to convert it into a 30-unit apartment complex, but that plan did not come to fruition. Vegh said he plans to conduct preliminary site work such as installing new windows and modern lighting that reflect a more historic era, and some interior upgrades to market the space to prospective tenants. More design and redevel- opment work will take place when tenants are secured, Vegh said. "It's a large building, we have many options," Vegh said. The vision His vision most likely includes a restaurant occupying the main floor

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