The Northeast Co-operative building and 62 acres of adjacent land are apparently under agreement -- but not to the local business group who were expected to purchase the property. According to local businessman Joe Famolare, a venture capital firm out of Concord, MA finalized the deal for $3.5 million after a previous purchase and sale agreement with the local group expired. Famolare noted that the final sale price was significantly higher than the price negotiated by Dana Lewis for the local buyers.
Dana Lewis, CEO of Crofters Moving & Storage, had brought development plans before the Brattleboro Selectboard in December 2004 which would have included the construction of 150 high-end condos, a new YMCA, and a 10 acre recreational area abutting the West River. According to Town Manager Jerry Remillard, the new buyer does not intend to use the property for the construction of housing, and appears to be making a speculative purchase.
Dana Lewis said that they were very surprised when they called the realtor in early January to finalize the deal, and were told that another party had already slipped in ahead of them. "Our purchase and sale agreement expired on the 1st of January. We had no idea there was another buyer out there -- there had been no interest in the property for the last two years -- so we were really surprised when they said there was another buyer." According to Lewis, the new buyer has executed the purchase and sale agreement, but has postponed closing until later in the month. He says, "We have no idea what's going on, but we're hoping it'll come back around to us."
Famolare told us that the property is "part of the Foreign Trade Zone" that he, Greg Worden, and other businessmen in the community have been trying to establish in Brattleboro. The Brattelboro Foreign Trade Zone, which has yet to be approved by the Foreign Trade Zone Board of the U.S. Department of Commerce, would be structured such that empty warehouse space in the town of Brattleboro would be able to be used to import goods and merchandise without paying the usual duty on such imports.
Famolare hinted that a large national retailer might be courted to purchase the property from the new owner. Any such deal would be contingent on the approval of the Brattleboro Foreign Trade Zone by the Commerce Department.
Because the property is larger than 10 acres, it would be subject to Act 250 review, although this process could be avoided if the new buyer uses the property as it is presently zoned and abides by the provisions of the previous Act 250 review on the property. The Northeast Cooperative property is currently zoned 'Industrial.' According to Lewis, the new buyers are conducting environmental testing now, as part of the due diligence process.
As to what lies ahead for the Northeast Cooperatives property? That's anybody's guess.