Torrington selects Penrose-Cloud team as preferred developer for former Nidec/Hundred Franklin Drive brownfield; plan includes about 120 apartments and greenway

The City Council on Oct. 20 received presentations on redevelopment concepts for the Hundred Franklin Drive (formerly Nidec) brownfield site and approved naming the Penrose—Cloud Company partnership as the preferred developer, authorizing the mayor to negotiate purchase/sales and related documents.

Why this matters

The site has been vacant and environmentally challenging for roughly two decades. City staff said a clear pathway to ownership and a preferred developer are necessary ingredients for a successful brownfield remediation grant application; the city and its Brownfield Land Bank have been preparing to apply for remediation funding in a spring 2026 funding round.

Proposal highlights

City documents and the developer team described a plan of two buildings similar in scale to the Riverfront project, roughly 120 apartment units, significant on-site parking and first-floor commercial space. The team said it would extend the Naugatuck River Greenway Trail to the end of the peninsula and has designs that could support future connectivity across the river to Houston’s Park area.

Developers Carmen Chung (regional vice president, Penrose) and Sandy Cloud (Cloud Company, chairman/CEO) joined the meeting and described their experience with Riverfront phase 1 and other affordable/mixed-income projects. Penrose reported the Riverfront building is fully occupied and that commercial space there has active tenants. Cloud Company said its focus is urban mixed-use and affordable housing redevelopment.

Financing, remediation and incentives

City staff explained the redevelopment depends on a remediation funding package and a capital stack that typically includes state and federal grant programs; those grants are more competitive when a developer and pathway to ownership are in place. The presentation raised tax-abatement/pilot programs as one potential tool to make projects financially feasible. Several councilors questioned abatement terms, school impacts from new housing, and whether the city should wait for the next administration to approve long-term incentive agreements. Developers and staff replied that tax incentives are often necessary to close financing for affordable/mixed-income projects and noted precedent projects in Torrington used similar arrangements.

Environmental assessment and next steps

The regional Brownfield Land Bank and the Regional Brownfield Partnership have initiated site assessment work and staff said limited environmental assessment will inform remediation-cost estimates to support the March 2026 funding application. The council authorized the mayor to negotiate with the preferred developer and directed staff to continue technical evaluation and grant preparation.

Council reaction and vote

Council discussion ranged from outright support for moving the project forward to caution about tax incentives and long-term fiscal impacts. After public and internal discussion, the council approved the motion to receive the presentation, designate Penrose-Cloud as preferred developer and authorize the mayor to negotiate and execute necessary documents to advance remediation and redevelopment work.

What residents should expect

If remediation grants and developer negotiations succeed, the city staff said investors would next finalize a purchase and sales agreement, secure remediation funding, and then proceed to design and permitting. Early design work discussed accessibility features and potential set-asides for households with disabilities and senior-friendly units; final unit mix, affordability levels and any pilot/tax-abatement terms will be set in later negotiation phases and returned to council for approval.