The selectmen’s $4-million deal to sell 10 acres of the Schlumberger property is off, with the buyer pulling out due to what it’s attorney called “negativity” in the public reaction to the proposal.
“We’re not going forward,” Attorney Robert Jewell, the lawyer for Residential Investments LLC, confirmed Monday about midday.
“After it became public we were bombarded with so much negativity, and my client does not want to be involved with anything negative. So, as a result of all this negativity we just decided not to go forward.”
“It’s unfortunate,” First Selectman Rudy Marconi said. “Because I would have liked to have been able to keep this deal together. But at this point I’ve been told there’s no interest, and the town will move forward.”
The selectmen have another potential buyer, Toll Brothers, that offered $4 million for the site. The selectmen have scheduled an executive session to discuss the situation behind closed doors Tuesday starting at 6 p.m. in town hall, before they join the finance board meeting at 7:30 to discuss another topic.
Residential Investments LLC, a wholly owned subsidiary of Fairfield County Bank, was the buyer the selectmen had chosen from among two finalists and five potential buyers that has initially bid on the property.
Residential Investments had negotiated a deal to buy the 10-acre parcel from the town for $4 million, presenting a plan calling for 24 units of single family housing.
Toll Brothers had offered $4 million with a plan for up to 30 condominium units.
Another distinction between the two offers was that Residential Investments’ offer wasn’t contingent on planning and zoning approval of a development plan at a specified density, while the Toll Brothers’ offer was dependent on P&Z approval.
Mr. Marconi said he thought the selectmen would now focus on trying to complete a deal with Toll Brothers, but he couldn’t be sure.
“That’s up the Board of Selectmen,” he said. “But my assumption is that the board will want to move forward with Toll Brothers.”
Contract terms with Residential Investments had been approved by the Board of Selectmen 4-to-1 last Monday, after a couple of executive session discussions. Selectwoman Barbara Manner dissented, objecting to the projected $800,000-per-unit price at which the housing would eventually be marketed to the public.
“I want people of different incomes to be able to live in our town,” Ms. Manners had said.
But a finalized contract was not signed, and plans for a public hearing Wednesday night would appear to be off.
“We’re not going forward, not signing a contract, not presenting anything at a public hearing,” Mr. Jewell said.
“And as a taxpayer I certainly hope we can get a deal close to as good as this one would have been for the town.”