Leasing Deal For New Tenant Imminent At Grand Union Site

By John Voket

A new development that a leasing agent hopes will be an “incredible improvement,” and an “exciting commercial addition,” seems likely for the long-dormant Grand Union site straddling Queen Street and Church Hill Road.

While neither Stacie Libby of GBA Williams, the property’s commercial leasing source, nor Newtown Community Development Director Elizabeth Stocker could reveal the interested anchor tenant until a final lease agreement is signed, both spoke excitedly Tuesday about what they see as an imminent redevelopment of the site.

“We’re talking about plans for a major redevelopment and reutilization of this site,” Ms Stocker told The Bee July 3.

Other sources with some knowledge of the pending lease agreement have hinted that the new tenant may seek to occupy or utilize the entire existing building, or demolish part or all of it to create a new footprint. This would mean the relocation of the building’s sole tenant, Wachovia Bank, possibly to an adjacent new building somewhere on the sprawling property, which lies at the commercial center of town one block east of the flagpole.

Ms Stocker agreed that if the final negotiations are successful, the project would “…not be limited to a relocation of the bank.”

If the promise of a new development at that location was to come to fruition, it would be the third major commercial project within a few hundred feet. An upscale Japanese restaurant with commercial office space is about complete on an adjacent lot on Church Hill Road. And across the street, just east of Hawley School, a new multitenant commercial office building appears to be close to completion.

Ms Stocker said the site was ideal for any potential commercial improvement involving, “grocery, large drugstore, or other retail applications.”

The community development director said the property’s owner, Brause Realty, Inc of New York City, will retain the site. The company has been seeking to negotiate a long-term lease of the site for several years.

A call to David Brause for further comment was not returned at press time July 6.

The Grand Union grocery store, the last anchor tenant at the site, closed more than five years ago. The second of three tenants, Brooks Drugs, closed in 2006.

The building sits on 7.55 acres of land. According to Newtown’s Office of Community Development, zoning regulations permit a shopping center, offices, or other retail activity at the site.

In a June 2004 interview, Mr Brause said the rental price would range in the $20 to $25 per square foot range.

He said the building has a total area of 47,686 square feet. It is connected to public water and sewer and is serviced by Yankee Gas and Connecticut Light and Power.

Ms Stocker said she was hoping a spring lease announcement would be forthcoming, but said it is not uncommon for long-term commercial lease negotiations to take months or even years to complete.

“Based on my experience, and activities that are commencing in and around the site, it indicates to me that something is about to happen,” she said.

While Ms Stocker acknowledged the prospect of leasing the site was protracted for various reasons, she said the town will be happy to see the existing building go away.

She said the town has suffered with what people have told her is an “eyesore” in the middle of one of one of the community’s most highly-traveled intersections. Ms Stocker said based on what she knows of the prospects at this point, the project would represent a “major investment in the site and in the Borough.”

“We’re just looking forward to the project moving ahead,” she said. “But until we get word the parties involved have signed a deal, we’ll just have to wait.”