Farmington developer Prospect Enterprises LLC acquired South Windsor’s Geissler’s plaza almost a decade ago with aspirations of recasting the property into a mixed-use development.
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Farmington developer Prospect Enterprises LLC acquired South Windsor’s Geissler’s plaza almost a decade ago with aspirations of recasting the property into a mixed-use development.
Now, after a wave of support from residents and town officials, Prospect is eyeing a $30-million investment to expand and modernize the popular Geissler’s Supermarket and add new apartment buildings at the Sullivan Avenue property.
The town’s Planning and Zoning Commission recently approved a zoning amendment that would allow Prospect to revamp 55,000 square feet of retail space and erect six, three-story buildings containing 125 studio, one- and two-bedroom apartments. The housing would also be complemented by a separate “clubhouse” building.
Prospect still needs other local and state approvals before it can break ground on the redevelopment in the next year, said Prospect General Manager Gregg Nanni. Construction could take up to two years to complete.
“The apartment buildings add some economic vitality to the project overall,” said Nanni, whose firm owns and manages several grocery-anchored community shopping centers. “That makes the expansion and renovation of Geissler’s more viable.”
The luxury apartment complex is expected to feature 15 studio and 70 one- and 42 two-bedroom units on vacant land adjacent to Geissler’s Supermarket. The housing development will cost about $20 million.
Nanni said the studio and one-bedroom units would be targeted at young professionals and the two-bedroom units geared toward empty nesters looking to downsize.
The 28,000- square-foot Geissler’s Supermarket has agreed to remain the shopping center’s flagship tenant and is slated to benefit from $3 million in interior renovations. The grocery store was last renovated in 1998, town officials say. (The family owned supermarket also operates locations in East Windsor, Windsor, Bloomfield and Somers, among others.)
Prospect is looking to spend another $7 million to upgrade the exterior and interior of the roughly 27,000 square feet of adjoining vacant retail space. The hope is that the improvements will lure new retail and residential tenants to the 17-acre property, Nanni said.
A gas station is also being considered for the project, but a user has not yet been identified.
Planners, meantime, are drawing potential blueprints to reconfigure the parking area with new paved surfaces, islands, landscaping and lighting, he said.
Prospect has been steadily working its way through the town approval process over the last year. At a public hearing on the proposal in November, town officials said 70 or so residents spoke in favor of the project with only one citizen in opposition.
Town Manager Michael Maniscalco said the redevelopment will provide a significant amount of property tax revenue for South Windsor. He said he hopes it also spurs other private-sector investments on the Sullivan Avenue corridor.
“My hope with the redevelopment of the Geissler’s plaza is that it will set off a chain reaction of other redevelopment projects in the area that will enhance our Sullivan Avenue trade area,” he said.
Deal Roundup
A Canadian maker of home goods has signed a long-term lease to occupy 8,570 square feet of space at 200 Main St. in Bristol, brokers say.
The Gift Group operates brick-and-mortar locations that include brands like Hazelton’s, Blooms, The Hope Collective, Gifting Kosher and North Pole Company & Monthly Sommelier, among others. The company also designs, assembles and ships a wide variety of gift baskets to customers across the world.
It’s not yet clear which business will occupy the Bristol storefront, but it will feature a florist, chocolate shop and purveyor of gift baskets, said Farmington broker Amodio & Co. Real Estate, which represented The Gift Group in the deal.
The Main Street building is owned by Precision Properties LLC, led by Japanese investor Chikayuki Yamamoto, who acquired the building for more than $1.6 million in 2017, city records show.
Joe Cooper is HBJ’s web editor and real estate writer. He pens “The Real Deal” column about commercial real estate.
