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CIL Plans Conversion of Sherwood Tool Mill Property - (June 25, 2007) |
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PRESS RELEASE
Mayor Salina Welcomes CIL Development, Inc. to Community
CIL Development Incorporated has signed a purchase agreement to purchase the Sherwood Tool Factory in Kensington. The former paper goods factory, located on Main Street, includes a 115,500 square foot main building and an adjacent one-story office and warehouse building facing Paper Goods Pond.
"Town officials have been working diligently with the owners of Sherwood Tool property to help them market the complex for reuse. Based on its location in a residential neighborhood next to the Town's Paper Goods, I think the Sherwood Tool facility will be an outstanding location for residential development," said Berlin Mayor Adam Salina.
CIL plans to create approximately 70 condominium units in the factory building. CIL is still developing its plans for the use of the one story buildings across from the main factory building. The initial concept that CIL plans to present to Town officials is to demolish these existing one story structures and to construct Townhouse units in their place in order to best integrate the project into the surrounding residential neighborhood. Unit sizes will range from 1,000 to 1,600 square feet, and be sold at market prices of $200,000 to $300,000. Pre-development design and engineering work has begun and construction is expected to begin within eighteen months following the receipt of town approvals.
CIL is an experienced developer of properties undergoing adaptive reuse. In Windsor, CIL is completing the development of First Town Square, a 50-unit condominium project located in an old factory near the town center. In Coventry, CIL has been chosen as the designated developer of the historic Kenyon Mill on Armstrong Road.
"Our recent experience renovating the former Eddy Electric factory in Windsor has been a win-win for all involved. We have enjoyed enormous support and cooperation from the Town of Windsor and have been delighted with the finished product. It is very gratifying to take a blighted property and create attractive homes that retain the charm and character of the original factory. We look forward to working with the Town of Berlin on this exciting project," stated Martin Legault, President and CEO of CIL.
"This long-awaited redevelopment will also be on the walking loop that the Town is working to create. It will connect Town Hall, Percival Field, Paper Goods Pond and the Railroad Pond. Town of Windsor officials have told us that CIL is doing an outstanding job on the First Town Square Project so I'm looking forward to working with them to advance the Sherwood Tool project through the local approval process," added Berlin Mayor Adam Salina.
CIL Development Inc. is a for-profit subsidiary of the Corporation for Independent Living, a nonprofit developer of housing throughout Connecticut and Massachusetts.
For further information contact Martin Legault, President and CEO of CIL at 860-563-6011 (extension 12).
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