Image courtesy of Ideanomics

Colliers International has been selected to market for sale the 58-acre former University of Connecticut campus in West Hartford following the collapse of plans for a Fintech Village by the current owners, Ideanomics.

The Chinese company had planned to redevelop the site as office space for companies in the artificial intelligence, fintech, robotics and related industries. But the $238-million project never got off the ground, after Ideanomics took possession of the property and discovered the extent of environmental contamination.

In a March SEC filing, Ideanomics revealed that it had classified the property as a non-core asset.

John Cafasso, a principal in Colliers’ Hartford office, is the listing broker for the property, according to a Hartford Courant report. Colliers was not immediately available for comment.

Ideanomics had touted the property as the future hub of a fintech cluster including its own offices and other companies in the financial services and technology industries.

Ideanomics closed on the $5.2-million purchase in October 2018. In June 2019, Ideanomics unveiled plans for the site, including offices, housing and an art gallery.

The company’s financial position and business practices have come under increasing scrutiny since 2019, with law firm Bronstein, Gewirtz & Grossman LLC pursuing a class action lawsuit claiming Ideanomics executives misled investors about the company’s finances.

The complaint claims that Ideanomics exaggerated the size of an electric vehicle expo center in Qingdao and that its electric vehicle business is not as strong as executives claimed.

Responding to complaints about neglect of the property, West Hartford officials agreed in June to assume outdoor maintenance responsibilities in exchange for a right of first refusal to acquire the site.