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Former Tuxedo Junction building approved for sale by City to Savings Bank of Danbury

Danbury has approved the sale of the former Tuxedo Junction building to Savings Bank of Danbury.  The City purchased 3 Post Office Street in 2017 for $395,000 after it sat vacant for two years.  Savings Bank of Danbury wants to construct a 35,000 square foot office building at the corner of Main and White Streets by demolishing the former nightclub and the former Regional YMCA of Western Connecticut Escape to the Arts facility.  The new building would house the bank’s non-branch, back office operations. 

Councilman Ben Chianese opposed the sale, but supports the corner of White and Main Streets being developed.  At Tuesday night's Council meeting, he suggested the proposal go back to a committee to look into whether the City could lease the land to Savings Bank of Danbury instead of selling it outright.  The motion was rejected.

According to Vision Appraisal, the City owned parcel is worth $606,000. Negotiations on the sale price are expected after an official appraisal is completed.

Savings Bank of Danbury CEO Martin Morgado says the new location will enable them to consolidate operations and provide dynamic meeting space and operations facilities.  He hopes to gain all necessary approvals and have the new building opened by the end of 2023. 

Plans call for moving a transformer that's on another part of property they're looking to develop to the Tuxedo space.  There could be some parking, but Post Office Walk frontage will be grass and bushes.  Morgado noted that this will also give them the possibility to expand in the future. 

The vote was 16 in favor, two opposed, two absent and one abstention.  Ben Chianese and Duane Perkins voted in the negative, Farley Santos abstained.

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Dave Rinelli

Local Headlines