🔒After $2.7M purchase, developers plan major office-to-multifamily conversion in Windsor

Two prominent developers have teamed up to redevelop one of Windsor’s largest vacant office properties. Massachusetts-based Condyne Capital Partners and Litchfield investor/developer Mark Greenberg have jointly purchased the 99,720-square-foot Konica Minolta office building at 500 Day Hill Road for $2.7 million. The partners plan to add a wing to the existing 1982-vintage, concrete office building and build three additional residential buildings, creating a total of 300 multifamily units. Three retail buildings totaling 18,417 square feet would also be added to the 20.6-acre property. Greenberg said the partners have not decided whether to sell the units as condominiums or operate them as rentals. His portfolio has traditionally focused on office and retail properties, but the collapse of the office market has pushed him to pivot toward housing. Greenberg, one of Windsor’s largest landlords, was an early and vocal supporter of zoning reforms to allow adaptive reuse of struggling office buildings. The Day Hill Corporate Area, Windsor’s primary office and business district, has been among the hardest hit by the pandemic-driven shift to remote and hybrid work. The town’s office vacancy rate — 34.7% in 2019 — soared to 59.1% in early 2024, according to CBRE. Windsor officials have worked with consultants to evaluate how best to repurpose vacant space. Two proposed zoning changes now before the Planning and Zoning Commission would allow easier conversion of offices to housing or mixed-use developments. “It has to happen, there is no market for office,” Greenberg said. The Konica project is one of several redevelopment efforts Greenberg is pursuing in Windsor. He is working with Florida-based Citicore Development Group on a plan to convert the vacant offices at 1 and 10 Targeting Centre into 201 residential units, a Starbucks and 9,200 square feet of commercial space. The town has approved the conceptual plan, but litigation has delayed Greenberg’s purchase of 1 Targeting Centre. He also plans to redevelop the 48,000-square-foot office building at 10 Griffin Park North, either through adaptive reuse or by demolishing it for new construction. Meantime, Manchester, New Hampshire-based Brady Sullivan Properties is under contract to purchase two adjacent office buildings on Waterside Crossing in Windsor, with plans to convert them to apartments. Jonathan Putnam, of Cushman & Wakefield, was the listing broker for the Konica Minolta building.