Torrington solicits developers for Peddler property; reappraisal and feasibility study planned

The Torrington Development Corporation, acting as receiver for the Peddler property, has issued a request for proposals and hosted developer tours, the city’s Board of Finance heard Wednesday.

Chair reported about six to eight developers—local and out-of-state—walked the property after it was advertised through local contacts, the New England Real Estate Journal and DECD channels. The city completed a reappraisal of the parcel so it would not rely on an appraisal produced for litigation, and staff will begin a feasibility study focused on the site’s potential to continue as a hospitality venue.

Chair said the facts assembled by staff and the development corporation will be presented to Judge Lynch in January so the court can consider next steps; the city also referenced Jason Hospitalities’ capacity to develop the property as part of the evaluation. A board member asked whether the Peddler is listed on the National Register of Historic Places; the Chair said it is part of the downtown historic district but not necessarily on the National Register and that much of the structure’s historical integrity had already been removed before the city took custody.

The board did not take formal action Wednesday on disposition; staff will return with the reappraisal and feasibility findings for further consideration.