A little more than a week after applications to create 16 apartment units in two downtown commercial buildings were unanimously approved by the Bristol Planning Commission, the two buildings have been listed for sale.
The applications, filed by Michael and Lisa Fabiano of Redding, proposed creating eight apartment units on the second floor of a building at 4 Riverside Ave. and eight more on the second floor of 10 North Main St.
While the second floor of each building is currently vacant, they each have a commercial tenant on the ground floor. M&T Bank occupies the first floor of 4 Riverside Ave., while Oak Hill School, which serves children with disabilities, occupies the first floor of 10 North Main St.
The Fabianos own both buildings, which are located on adjacent lots that share a parking lot. In July 2016, the couple paid $2.09 million for 4 Riverside Ave. and $1.4 million for 10 North Main St.
According to a brochure provided to Hartford Business Journal by Tower Realty Corp., a Brookfield-based commercial brokerage, the two properties are for sale for $3.4 million. The brochure adds that the properties can be purchased together or separately.
The brochure describes 4 Riverside Ave. as “a two-story bank branch totaling approximately 11,024 square feet, built in 2000 with high-grade finishes and a flexible layout suitable for adaptive reuse.”
It describes 10 North Main St. as a two-story light medical building totaling approximately 10,004 square feet and being located directly across from Bristol Hospital.
The brochure notes the “projected rent roll for mixed use of both buildings” is approximately $553,000, and adds that both also have a “continued stream of income from the first-floor commercial tenants of approximately $198,000 in rent roll during the conversions.”
The approved plan for 4 Riverside Ave. is to develop eight apartments on the second floor, including one two-bedroom unit and seven one-bedroom units.
For 10 North Main St., the project will add eight apartment units on the second floor, including two two-bedroom units with two bathrooms, five one-bedroom units and one studio apartment.
The two buildings are located in the downtown business district zone. The approved project will provide a total of 95 parking spaces, more than double the amount required by city zoning regulations.
