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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 conceptual plans calling for two multi-story residential buildings totaling about 120 units, first-floor commercial space, significant on-site parking and extension of the Naugatuck River Greenway Trail to the peninsula with potential future river crossings.
City staff, economic-development commission members and other review-committee participants said Penrose and Cloud had been responsive during the vetting process; presenters said the project would be phased as remediation and grant funding were secured. The review committee noted that the project team would assemble a capital stack that likely includes state and federal remediation grants, tax-abatement or pilot arrangements and other subsidy programs common to large brownfield redevelopments.
Councilors questioned whether units could target seniors, whether accessibility and set-asides for people with disabilities would be included, and how prior Riverfront phase performance had fared. Penrose representatives said Riverfront is fully occupied and noted commercial activity on that site. Representatives for the Cloud Company and Penrose said abatement or pilot-style property-tax/financial incentives would likely be part of the financing conversation and that negotiations on terms could begin if the council authorized the mayor.
Council members reiterated the need to move quickly to preserve eligibility for remediation grants and to provide a pathway to ownership through the Brownfield Land Bank. The motion to receive the presentation and authorize the mayor to negotiate and execute necessary documents carried on a voice vote; staff said further terms will return for council review as required by law or local policy.
