FOR IMMEDIATE RELEASE

Contact: Heather B. Habelka, Office of the Mayor, 203.385.4001

Stratford Army Engine Plant Offered For Sale & Redevelopment

Stratford, Connecticut (August 30, 2007) – Stratford Mayor James R. Miron was joined by representatives from Congresswoman DeLauro’s office, the US Army, the General Services Administration (GSA) and international real estate firm Cushman & Wakefield to announce that the former Allied Signal property, known as the Stratford Army Engine Plant, is being offered for sale and redevelopment.

The property will be marketed as “Point Stratford,” and is a 78-acre redevelopment opportunity in Fairfield County. The US Army and the GSA are offering this brownfield property for sale on an “as is” basis, transferring all environmental remediation obligations to the buyer.

Bids for the property are due by November 16, 2007. Point Stratford offers developers and investors a rare opportunity to secure a large development site in Fairfield County, one of the most significant waterfront assets in Connecticut, within minutes of I-95 and State Routes 8 and 15. Currently improved with 1.72 million square feet, in three main buildings and nearly 50 outbuildings, Point Stratford is adjacent to Sikorsky Memorial Airport and three minutes from the Railroad Station.

Near the confluence of the Housatonic River and Long Island Sound, and offering direct access to both bodies of water, the site occupies 78 acres of uplands with riparian rights along its entire waterfront.

Located in a designated Defense Plant Zone, the property is afforded Enterprise Zone benefits, entitling eligible businesses to substantial economic incentives. The property has been studied extensively for its economic development potential and its environmental condition is well documented. Studies and due diligence documents are available for prospective purchasers to review by registering at www.PointStratford.com.

This sale culminates months of collaboration between the Town of Stratford, the US Army, GSA and the state’s Congressional delegation led by Congresswoman Rosa DeLauro, as well as the Connecticut Department of Environmental Protection (DEP). 

“This plan for both the sale and the redevelopment of the Stratford Army Engine Plant represents a multilevel governmental partnership,” said Mayor Miron. “I am pleased to see this property heading toward redevelopment, which will place the property back on the Town’s tax rolls and create jobs. After twelve years of inactivity, real hope for new economic development at the Stratford Army Engine Plant site is closer to becoming a reality.”

“Today we are taking a tangible step forward in our efforts to redevelop the Stratford Army Engine Plant. By setting a date to sell the property, we set in motion the process to spur development, return the property to the tax rolls, and most importantly, create jobs,” said Congresswoman Rosa DeLauro.

Cushman & Wakefield, the international commercial real estate firm engaged to manage the marketing effort, has established an electronic “war room” of historical information, environmental conditions, and other due diligence materials, all available at the website www.PointStratford.com. The website offers a convenient and effective means of providing information to prospective bidders and will be updated throughout the marketing period.

A bidders conference will be held in the next 60 days, with representatives from the Army, GSA, DEP and the Town of Stratford available to answer questions on the property, sale process, environmental remediation requirements, land use issues and development incentives. The website will be updated to provide the date, time and place of the bidders conference.

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