The site of Norwalk’s now-defunct power plant that had been marketed as an “unmatched” redevelopment opportunity along Long Island Sound has been sold to a New York City developer.
A warranty deed filed with the Norwalk Town Clerk’s office on Oct. 26 lists the sale price as $4.6 million.
Norwalk Power, a subsidiary of NRG Energy, also announced the Maneresa Island sale in a press release.
The 134-acre site is around half wooded, while the remaining land is filled with an Eversource substation, former wastewater treatment facilities and the defunct, oil-fired Norwalk Harbor Generating Station, closed in 2013.
“This is a great outcome for the city of Norwalk and its residents because it will allow for this exceptional property to be thoughtfully repurposed,” Judith Lagano, senior vice president of asset management at NRG, said in a statement. “NRG is pleased to pass the baton to an experienced developer who can reimagine the site to continue its legacy as a vital part of the community. NRG appreciates the support from Norwalk Mayor Harry Rilling, Senate Majority Leader Bob Duff, and Congressman Jim Himes throughout the marketing process to achieve this favorable result.”
The buyer, Argent Ventures owns numerous office and multifamily mixed-use properties across the Tri-State area. It is likely best known for distressed debt acquisitions and buying New York City’s Grand Central Terminal – which is net-leased to the MTA – and associated air rights in 2013.
The company did not indicate any specific redevelopment plans.
“We look forward to working with the city and neighboring community groups on a comprehensive vision for the site’s reuse as a residential development with a large proportion of the site preserved as open space,” Argent Ventures Vice President Clay McPhail said in a statement provided by NRG. “We are excited about the opportunity to create a development that can preserve Manresa’s natural beauty and provide increased opportunities for waterfront access and storm resiliency.”
In the same NRG press release, Norwalk Mayor Harry Rilling said in a statement that the sale was “a step forward” for the city.
“We look forward to seeing the existing plant come down and working closely with the community and Argent Ventures as they move forward with a comprehensive vision for the site’s reuse that supports open space, resiliency and natural beauty and enhances the quality of life for Norwalk residents. Finally, I want to thank NRG Energy, Congressman Himes, Senator Duff and our Common Council members for all their efforts and collaboration over the years to help make this transition possible.”