Torrington, CT

In August of 2004, Lighthouse Real Estate Partners, LLC, managing member, acquired a seven building, 106,000 square foot portfolio, in downtown Torrington, CT. This portfolio consists of: 38 apartments, 26 retail storefronts 36 second floor office spaces 4,900 sf former dance academy, 5,000 bi-level garage and over 20,000 sf of parking.

For the past four years, Lighthouse Partners has been involved with upgrading the tenancy and renovating the units. There are eight new retail stores, seventeen new residential tenants and five new office tenants as well as the attrition of older non-paying tenants. The leasing activity in the past several months has been substantial with approximately $5,000 worth of new leases signed in September and October of 2008.

Over the past seven years, there has been significant work done on a city and state level to promote a $100 million downtown revitalization project. The downtown is made up of over a dozen historical buildings as well as two world class arts and music destinations. See flyer here.

The Warner Theatre and The Nutmeg Conservatory are both located on Main Street in the heart of this revitalization.

A preferred developer had been contracted to act as the one to implement this project which included significant retail development as well as some market rate condos and apartments. As of September 2007, the Torrington Development Corporation (TDC), has elected NOT to renew the contract of this preferred developer and has retained the authorization for the $30 million that has been bonded by the State for this project. The TDC is working on phase two of the Municipal Development Plan and is hosting a public forum meeting on November 18th to showcase drawings of the proposed downtown plan. Lighthouse Partners is in a position to expand its portfolio with the acquisition of adjacent buildings in the downtown area.

Lighthouse Partners is immediately seeking an equity / development partner on this project. Experienced investor developers are preferred.