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Council names Penrose/Cloud Companies preferred developer for 100 Franklin Drive; authorizes mayor to negotiate
Summary
After a months-long RFP process, the council received a presentation and authorized the mayor to negotiate and execute agreements with preferred developer Penrose in partnership with the Cloud Company for the redevelopment of 100 Franklin Drive as a multi-building mixed-use project tied to Brownfield remediation funding.
The Torrington City Council on Oct. 20 voted to accept a presentation on the redevelopment proposal for 100 Franklin Drive and to authorize the mayor to negotiate and execute documents with the preferred developer team led by Penrose Properties in partnership with the Cloud Company.
Staff described the RFP process that began in June to position the site for a state Brownfield remediation grant application expected in March 2026. The city's review committee recommended Penrose and the Cloud Company as the preferred developer. The partners presented…
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