Phase 1 Report Adams Street Final (2).pdf

This Phase 1 Report pertains to the City of Torrington, Connecticut's solicitation for the sale of excess real property located at 71 East Albert Street, Torrington, CT 06790. The property consists of a 0.53-acre parcel containing a single-story masonry and wood frame building constructed in 1920 with approximately 2,880 square feet of gross leasable area, plus detached utility buildings, formerly used as a community recreation center. Interested proposers must submit sealed proposals by 11:00 AM on Friday, April 24, 2026 to the Purchasing Department at 140 Main Street, Room 206. A non-mandatory property walkthrough is scheduled for Thursday, April 9, 2026 at 10:00 AM, and the deadline for written questions is Thursday, April 16, 2026 at 12:00 noon. The City Council anticipates execution of a Purchase and Sale Agreement by May 15, 2026 and title transfer by June 15, 2026, with closing required no later than sixty days after acceptance of the proposal.

Proposal submissions must include a letter of introduction, demonstration of proposed use compatibility with zoning regulations, an occupancy timeline, an offer of purchase price, evidence of financial capability, and a 5% proposal deposit in the form of a certified or cashier's check payable to the City of Torrington. The minimum acceptable bid is $150,000.00, representing the appraised value of the property, with the assessed value listed at $302,680. The property will be conveyed by Quit Claim Deed on an "as-is, where-is" basis with no representation as to condition or environmental status. All proposals must remain binding for ninety (90) days from the opening date and cannot be withdrawn during this period. The City actively encourages minority-owned businesses (MBEs), women-owned businesses (WBEs), and small businesses (SBEs) to apply, though successful bidders must not have owned or been principals in entities on the City's blight list. No broker's fees or finder's fees will be paid by the City, and the City reserves the right to reject any or all proposals and select the proposal deemed in the public's best interest rather than necessarily the highest bid.