New Milford officials have been presented with a report with an appraisal of the East Street building. Mayor David Gronbach says the facility requires significant upkeep, is not ADA compliant, and obsolete given the space available at the former Pettibone School. He is looking to sell the building and move the Board of Education and Youth Agency to Pettibone.
He plans to ask the New Milford Town Council on Monday for authorization to list the property.
Gronbach says a liability for the town could be turned into a productive asset if it is sold to a private developer. Scenario one is that the building be demolished and sold. He says the town has received interest in using the property as an assisted living facility, but that is not the only potential use. Scenario two is that the building be retained and redeveloped. That scenario includes an assisted living facility on the rear of the site and adaptive reuse of the existing building for multi-family housing.
The property is 4.63 acres. The building is 23,604 square feet.
The 64 page executive summary says that while no approvals have been given for development, but notes that assisted living is typically purchased on the basis of price per achievable unit. The density for the subject is projected based on recent comparable developments in the region.
The current market value for scenario one is estimated at $1.93 million. The current market value for scenario two is estimated at $1.63 million.
Gronbach says he prefers a development that would keep the building, preserve the stained glass and any relevant art work. Gronbach plans to negotiate for Theater Works to continue using the parking lot. Alternative sites for Life Star are being explored.