CLAREMONT — The closing date for the sale of a former state office building by the city to a private developer has been extended until early December, acting City Manager Nancy Bates said last week.
The extension on the purchase and sales agreement for 17 Water St., does not signal that the sale is in jeopardy, said Matthew Bacon, a senior advisor with Anagnost Realty and Development of Manchester and one of the principals of the buyer, 1852MB Claremont LLC of Darien, Conn.
“We are merely doing our due diligence to assure we are properly assessing and planning for the project before closing,” Bacon said. “We are working collaboratively (with the city) to ensure we are doing all of the planning needed to convert the property to housing.”
The developer plans to convert the building to 30, one- and two-bedroom apartments.
The City Council approved the $1.02 million purchase and sales agreement between the city and 1852 MB Funds in late August. It included a stipulation that the closing was to be within 30 days, but allowed the buyer to seek a 60-day extension.
The buyer has made both the initial $150,000 non-refundable deposit due at signing and the subsequent deposit of the same amount that was due with the extension, Bates said.
The new scheduled closing date is Dec. 9, but Bates said that could change in the weeks ahead.
The City Council, on the recommendation of former City Manager Yoshi Manale, approved the purchase of the vacant, four-story structure in March for $700,000. The state had offices there until 2023.
Elsewhere in Claremont, the conversion of the second and third floors of the Rand Block on at 32-40 Pleasant St., is almost complete and leasing of the eight, two-bedroom apartments will begin this month, Bacon said.
The renovated block also has four, ground-floor retail spaces, one of which is occupied. 1852 MB bought the building in April of this year and construction began immediately.