Hartford Business Journal

6 HARTFORDBUSINESS.COM | FEBRUARY 23, 2026 DE AL WATCH DE AL WATCH | BUYERS & SELLERS 339 Main St., Middletown. Photo | CoStar CT developer buys historic Middletown building for $2.1M, advances 42-unit apartment conversion By Michael Puffer mpuffer@hartfordbusiness.com A developer that recently paid $2.1 million for a century-old commer- cial building in downtown Middle- town is moving forward with approved plans to convert the property into a mixed-use development featuring 42 apart- ments and two ground-floor retail spaces. Mystic-based development and prop- erty management company ES Goodman earlier this month acquired the roughly 50,000-square-foot, three-story brick-and- masonry building on nearly half an acre at 339 Main St. Built in 1885, the property has housed a variety of uses over the decades, including a YMCA and major retailers. It last sold in 2022 for $800,000 to 339 Main LLC, led by real estate investor David Marasow. Marasow later obtained permits to convert portions of the building into 12 studio apartments, 28 one-bedroom units and two two-bedroom units. He listed the property for sale last year, marketing the approved redevelopment plans as part of the offering. The building is currently anchored by Mexican restaurant La Boca, which occupies 3,750 square feet on the first floor. ES Goodman Managing Director Eric Goodman said his firm will also refurbish an adjacent 1,600-square-foot retail space that is now vacant, in addi- tion to constructing the apartments. Goodman said interior demolition had largely been completed prior to the acquisition. He expects apartment construction to wrap up and leasing to begin within one year. Goodman said he was not certain of the project's total budget, but his limited liability company — ESG 339 Main Street LLC — has secured an $8.28 million loan from Chelsea Groton Bank. Remaining costs will be offset by state and federal historic tax credits, he said. Bradley Balletto, managing director of Northeast Private Client Group, represented the seller and procured the buyer. Venturing out According to its website, ES Goodman has developed roughly 190,000 square feet across projects totaling more than $70 million since launching in 2019. Most of those develop- ments have been concentrated in southeastern Connecticut. Goodman said he was initially hesitant to pursue the Middletown investment because it fell outside the firm's usual geographic focus, but that changed after touring the downtown. He said he was "completely caught off guard" by the area's mix of restaurants, shops and proximity to the Connecticut River. The presence of Wesleyan Univer- sity and Middlesex Hospital also factored into the investment decision, he said. Goodman added that local officials have been highly supportive. "They couldn't have gone any more above and beyond," Goodman said. "It was almost like someone opened the holy gates and said: 'Here is a great town, come and do business here.'" "It's something I won't support," Chess said. PSR and the town are working with the state Department of Energy and Environmental Protection (DEEP) and the U.S. Environmental Protection Agency to remediate the property to a residential-grade standard that would allow for mixed-use development, Chess said. "It's a very large parcel, and there's a lot we can do," he said. Chess said a mixed-use project could generate signifi- cant tax revenue for Stratford, pointing to Stamford's Harbor Point, which he said produces about $80 million a year in tax revenue. "If we did half that, we're in pretty good shape," he said. PSR has issued a request for proposals for a planner to develop mixed-use concepts and expects to hire one next month, Cabrera said. Meantime, PSR does not plan to redevelop an 800-foot dike that extends into the Housa- tonic River, though Cabrera said the firm would consider selling or partnering with a developer interested in converting it into a marina or another use. PSR, he said, is focused on developing the upland portion of the site rather than navigating what could be a lengthy and contentious permitting process tied to the dike. "If someone wants to have a fight with the Connecticut DEEP, the oysterman or anybody, that's fine. That could be someone else's fight," Cabrera said. "They're more than welcome to go get it approved by all the powers that be, but it's a long and lengthy process." Big Bet Continued from page 5 190-unit apartment building planned for downtown New Haven A developer has proposed a seven- story, 190-unit apartment building with ground-floor retail space on a city-owned surface parking lot at 7 Orange St., in downtown New Haven. The applicant, Max Ritchie of L&M Develop- ment Partners, plans a 152,920-square-foot building featuring a mix of affordable and market-rate housing. Fifty-seven units would be reserved for residents earning less than 50% of the area median income. The proposal, which still needs city approval, includes predominantly studio apartments, along with one-, two- and three-bedroom units, plus 3,433 square feet of retail space. Construction is targeted for early 2027, with completion expected in about two years. A rendering of the planned apartment building for 7 Orange St., in New Haven. MYSTIC Mystic Aquarium in January paid $6.1 million to acquire a 44,400-square-foot office building on 6.39 acres at 23 Clara Drive in Stonington, records show. The seller, ROXRIV Realty Associates LLC, is led by Litchfield-based developer and investor Mark Greenberg. Greenberg said he had previously leased the site to the aquarium for event parking and that the nonprofit later approached him to purchase the property. As part of the deal, Greenberg said he donated $1.1 million back to the aquarium. Aquarium officials described the purchase as a long-term strategic investment, but didn't provide further details. The 47-year-old building is about 70% occupied, primarily by medical office tenants.

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