Developer Interested in Pfizer's Building 118 in Groton

Department of Economic and Community Development will not identify developer, but confirms one is looking at it.

A spokesman for the Connecticut Department of Economic and Community Development confirmed on Friday that there is a developer interested in Building 118 on the Pfizer campus in Groton.

Spokesman David Treadwell declined to identify the developer, the timetable for negotiations, or which entities the developer was negotiating with.

Town Manager Mark Oefinger told Representative Town Meeting last week that there had been a “fair amount” of interest in the vacant Pfizer properties in Groton, including Building 118 and the waterfront.

He said he wasn’t aware of any deal in the works, but said many people, including the state’s economic and community development office, were spending a lot of time trying “to make sure the right thing happens.”

Ofeinger said the issue with Pfizer is that the company doesn’t want to be a landlord and rent Building 118 to multiple tenants. Because of this, the space would require someone willing to take it over, perhaps with a couple of companies in tow, then hold onto it while soliciting other tenants.

Pfizer had warned last year it might demolish Building 118 - the sprawling complex on Eastern Point Road - if it does not find a buyer.  

If the company tears it down, Groton would take a $2.1 million hit on its tax revenues.

Representative Town Meeting Member Michael Collins said last week that Pfizer had been before the city zoning commission and granted a demolition permit.

Rick McDonald January 14, 2013 at 04:19 PM
If the City were to secede from the Town and keep all the tax revenue it could pay off the debt in no time. The Town receives close to, it not more than, $40 million a year in tax revenue from citizens and business's in the City. In return the Town is responsible for half the City Police budget and all road work in the City, about $5 million. Oh and have you taken a look at wonderful roads in the City? We are still waiting for the approved Thames St work to be funded, I for one will be surprised if it happens in less then 5 years, if at all.
Daniella Ruiz January 14, 2013 at 05:39 PM
since Pfizer is willing to simply trash the buildings due to continued tax payments, the city could forgo demanding tax payments, or offer them a $1.00 per year 'bailout' agreement rather than have the complete loss of infrastructure, and it disappear from the future tax base. or the city could 'buy' the property at the tax rate over a small period of time. (essentially an exchange). it must be confusing for the many people trying to keep their homes, or even remain here, while this one company shakes off millions of dollars of 'liability' as if it were a simple piece of dust. does the city/town government even acknowledge this dillemma? Gen Dynamics was recently 'awarded" another massive injection of federal cash for a few new navy toys to be constructed. if they can plunk down money such as they did for that other Pfizer corporate cathedral on Pequot Ave in New London, they may have some spare coffee fund money hanging around so they can snap up the Groton Facility as well. we shouldn't be surprised at whatever these aloof and 'reality isolated' Corporate minds are capable of, as they seem to be able to keep 'them and us' pretty well separated.
Michael Boucher January 14, 2013 at 06:44 PM
Some great ideas Daniella. Thank you
irisheyes March 22, 2013 at 03:11 PM
fyi In an upcoming beautiful spring morning you will all wake up and find that the wrecking balls are out and the buildling is coming down. Just reality folks.
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