Future Site of Condo Development Sold
as published by The Norwalk Hour, 12/07/2007

The condominiums on East Avenue at the former site of Katherine Gibbs College will still be built – just by someone else.

The 2.53-acre parcel at 142-144 East Ave., on which 36 condos will be built in two separate structures, has been sold for $4.9 million by 142-144 East Avenue, LLC – a joint venture with M.F. DiScala and Albert D. Phelps, Inc. – to Stamford-based building services firm RMS-Construction, it was announced Thursday.

The property, with more than 400 feet of frontage on the Norwalk River, has already been approved for 36 residential units. The DiScala-Phelps group tore down the former Gibbs College site last year and gained the approvals for the residential units.

“It’s all ready to go,” said Michael DiScala, principal at M.F. DiScala. “They’ll have to stick to our plans. We’re pleased with the way the plans came out. It’s a very nice site.”

Randy Salvatore, president and founder of RMS-Construction, is more than happy to take over the existing, approved plans. He said work will begin on the site on Monday.

“It’s a great location right on the river. It’s convenient to everything: I-95, the Connector, the railroad,” Salvatore said. “It’s a great design, too, and great site plan with a boardwalk and plaza with water feature between the two buildings. We’ll build what’s been approved.

Although most of RMS’s projects are in Stamford, RMS-Construction three years ago built The Phoenix on Isaac, a 27-unit condominium project, in Norwalk.

“Norwalk is a great place to build; there’s a lot of growth there,” Salvatore said.

RMS is currently building The Village at River’s Edge, a 170-unit luxury condominium complex in Stamford.

DiScala had owned the property for 37 years and built Gibbs College there 33 years ago.

“Gibbs outgrew that space and moved to Norden (Park),” DiScala said. “We felt the highest and best used was something other than what that building was. It was old and outdated. We felt luxury condominiums would be appropriate.”

DiScala said he and Albert D. Phelps Inc. decided to sell the property and approvals because residential units are not the specialty of either company. DiScala owns primarily malls and Phelps specializes in commercial buildings, such as Merritt 7 Corporate Park in Norwalk.

CB Richard Ellis’ Westchester/ Fairfield Private Client Group – led by Al Mirin, senior vice president, Silvia Pogosyan, associate, and Marilyn Santiago, associate – represented the sellers in the transaction.

“With all the economic uncertainty being discussed today, transactions such as this sale prove that quality locations continue to sell,” Mirin said