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Judge denies receivership termination; Torrington remains on path to solicit developer sale for Yankee Peddler site
Summary
City and Trident Development Corp. petitioned the court to authorize sale of the Yankee Peddler property to selected developer Parker Benjamin; a court denied the defendant's petition to terminate the receivership and set a hearing on the sale for Sept. 24.
Torrington officials told the Board of Finance on Aug. 19 that a state court denied a petition by the defendant in the Yankee Peddler receivership to terminate the receivership and retain the property, keeping the city’s planned sale process on track.
The city and the Torrington Development Corporation earlier petitioned the court to authorize sale of the property to a preferred developer selected through a competitive process. The preferred developer, Parker Benjamin, was chosen after a request-for-proposals process that drew five respondents (one late, one disqualified, three interviewed and two shortlisted). City officials said the candidate pool included local and in-state firms and at least one out-of-state respondent.
The defendant filed a petition to terminate the receivership shortly before an initial hearing, asserting it had unconditional financing. At a subsequent hearing, city counsel and staff reviewed that financing claim and showed it was conditioned on multiple items, including environmental remediation and appraisals. The judge denied the termination petition from the bench after reviewing testimony and evidence and continued the matter to a hearing on the city’s petition to authorize a sale, scheduled for Sept. 24.
Officials said the selected developer, Parker Benjamin, has experience in adaptive projects that can pivot between hospitality units and longer-term housing, which was a factor in its selection. Staff said the process used state and regional developer distribution lists and outside consulting assistance to reach a broad pool of respondents.
The city plans to present additional materials, including appraisals and licensed environmental professional (LEP) testimony on remediation costs, at the Sept. 24 hearing. City leaders invited board of finance members to a planned Torrington Development Corporation presentation to the city council later in September to review the selection and next steps.
Board members said they welcomed the judge’s ruling that kept the receivership in place while the court evaluates the sale petition.
