GREENWICH — Big changes are in store for Old Greenwich’s business district.
Whether it’s an unparalleled business opportunity or a harbinger of unwanted modernization, news of the upcoming sale of several properties along Sound Beach Avenue and Arcadia Road has sparked conversation about what new owners will do with them. is causing.
Members of the old family trust that owned most of Old Greenwich’s stores and homes have agreed to sell them all for a price in the $25 million range, according to the real estate broker who handled the sale. . .
George Boles was a large property owner and early developer in the Old Greenwich business district in the early 20th century. According to newspaper articles from the time, the current store at Sound Beach Avenue and Arcadia Road began construction in 1920. The Stamford Advocate regularly reported on Bolles’ construction of the Old Greenwich “business district” in the fall of 1920, with updates on its progress.
Mr. Boles died childless in 1944, according to his obituary. His heirs, his numerous nieces and nephews, and members of the Nolan family maintained ownership of the property for decades.
Real estate executive Stephen Westerberg said the family decided it was time to sell the property. He said members of the Nolan family live in the Midwest and are absentee owners, using a management company to run their Old Greenwich holdings.
Westerberg said the sale is in the marketing phase and promotional flyers are expected to be issued in December. He said a non-disclosure agreement has been signed to provide potential buyers with privileged information about the property, and offers could be considered in the coming weeks.
“This is a once-in-a-lifetime opportunity,” Westerberg said, adding that the approximately 47,000-square-foot property will be up for sale.
The real estate executive said the holdings include four buildings with 10 residential apartments, 10 office suites and 17 retail units, including an 11,226-square-foot one-story warehouse.
Westerberg said the goal was to sell the entire portfolio, although there were no prerequisites at this time.
Westerberg, a Greenwich resident who works for the Marcus & Millichap real estate firm, said the land holding includes three separate parcels. His one long strip along Sound Beach Avenue includes a butcher shop, a barber shop, a sushi restaurant, a jewelry store, an art gallery, a sewing shop, a children’s store, a women’s clothing store, and a bank.
Other sections of Arcadia include a real estate business, an optician, a deli, a dry cleaner and a fitness studio. A third, smaller parcel contains two small businesses adjacent to Berkshire Hathaway’s real estate operations.
The parcel also includes a number of residential units above the store. The warehouse behind Sound Beach Avenue is used for storage, another component of the property, and could be redeveloped for other uses, he said.
Many businesses in Nolan’s portfolio were revamped in 2018.
Westerberg said Old Greenwich is in a period of transformation and this sale is related to that.
“Old Greenwich is undergoing a renaissance as the new culinary destination for Greenwich, Stamford and the rest of the world,” he said. “With Sound Beach Avenue being a major thoroughfare into Greenwich Point, Old Greenwich attracts consumers from a wide geographical area and offers significant benefits to the area’s retail offerings and the appeal of ‘in-town’ living.” It’s bringing. Old Greenwich has a small-town feel, yet is extremely sophisticated and internationally diverse. ”
The real estate executive said the construction of Station House at 143 Sound Beach Avenue, with 34 new apartments and monthly rents ranging from $7,700 to $13,800, will bring an upscale consumer base to the business district known locally as the Village. He said they would gather.
The properties are listed under the ownership of Thomas Nolan Properties LLC, according to tax filings with City Hall. Other members of the Nolan family have been involved with the property for the past 20 years.
Some local merchants are concerned about the news that sales are being disrupted and the impact it will have on retail stores.
“I’m worried about overdevelopment. Small town America, that’s who we are. Let’s keep that feeling here. And the parking lot… “It’s already tough enough.” . ”
Richard Fulton, owner of Chilly Bear clothing and sporting goods store and president of the Old Greenwich Merchants Association, said many area retailers are concerned about the lack of parking in the area. he said.
“We’re looking forward to new companies coming in,” he said. “However, parking demand will increase further and could cause problems.”
Fulton said there is also concern among small business owners in the area about rising rents. He said he heard of a store owner whose monthly rent doubled from $3,500 to $7,000.
Fulton said there were also concerns about the character of the community.
“It’s quirky, it’s unstable, it’s not perfect,” he said, adding that he felt most people in Old Greenwich liked it.