Town of New Canaan Closes on Purchase of 220 Elm Street from Bankwell

First Selectman Kevin Moynihan announced that today the Town of New Canaan closed on the purchase from Bankwell Financial Group (“Bankwell”) of the office building owned by Bankwell located at 220 Elm Street in New Canaan for $6.1 million.

First Selectman Moynihan noted that the building has been purchased for the New Canaan Public School District’s administrative offices and the NCPS Launch and alternative programs to occupy beginning early in calendar year 2023, after a tenant vacates. Currently, the District and its programs occupy rental space at 39 Locust Avenue in New Canaan, and they will occupy the first floor at the 220 Elm Street building. The second floor of the 220 Elm Street building will be sold to private investors as condominium office units with existing tenants.  The net purchase cost of the space for the School District will be less than $2 million.

Since the 220 Elm Street building was constructed in 2001, the Town of New Canaan has owned the land under the building and the building has been subject to a 99-year ground lease.  The building tenants are currently entitled to parking spaces on adjacent Town-owned land and in the adjacent Lumberyard parking lot owned by the Town.  As part of the purchase of the building the ground lease is ended and the land will become owned by the Town and the other condominium owners with undivided ownership interests.

First Selectman Moynihan commented: “I am very pleased to consummate the purchase of the 220 Elm Street space for the School District as it presents a once in a generation opportunity to return to ownership of space for an essential local governmental function.  The economics of owning versus renting for the District’s needs are compelling, and we are very happy to be able to acquire from Bankwell a property that the bank no longer needs.  We thank Bankwell for working with the Town for many months to achieve this mutually beneficial transaction.”

Superintendent Bryan Luizzi commented: “This is an exciting opportunity for the School District and our two specialized programs to move to an excellent location and building for the future.  I am grateful for the First Selectman’s vision and persistence, and look forward to working through the next steps of the relocation in the months ahead.”

For further information, contact First Selectman Moynihan, 203-594-3007 or by email to Kevin.Moynihan@newcanaanct.gov.