5 years ago
Bristol, CT - Mayor Ken Cockayne today announced the purchase of 100 Wooster Court in Bristol by local manufacturer Century Spring as part of a business expansion. Century Spring reversed its decision to move to a property in a neighboring community after it was awarded a grant from the Mayor’s Economic Development Committee.
Currently based on Middle Street, Century Spring will use the $100,000 grant to offset building renovation costs and the purchase of new equipment associated with its move to the 33,000 square-foot Wooster Court facility. The company anticipates adding six new, full-time positions associated with its expansion. As such, it was awarded a Job Creation Reimbursement grant of up to $6,000, or $1,000 reimbursement for each new, full-time position.
“Century Spring’s relocation project is a perfect example of how powerful the Mayor's Economic Development Committee Grant program can be,” Cockayne said. “The program is designed to bring new businesses to the City, but also to ensure that our most successful organizations, particularly manufacturers, remain in Bristol when it is time to expand.”
Century Spring, which manufactures stock and custom springs for a variety of industries, was considering a facility in a nearby community that better suited its needs than the Wooster Court property. However, the City enticed the company to remain in Bristol by offering the Mayor’s Economic Development Committee Grant combined with tax incentives through the Urban Jobs Program. These programs will enable Century Spring to rehabilitate the Wooster Court facility and remain a vibrant employer and taxpayer in Bristol.
Century Spring owner William Waseleski credited former Mayor Arthur Ward, Mayor Ken Cockayne, Michael Nicastro, and Bristol Development Authority staff for putting together an incentive package that tipped the scales in favor of locating in Bristol. “The City’s rapid response and extremely attractive incentives made our final decision very easy,” he said.
The 33,000 SF industrial building sold for $975,000. Stephen C. Foote of O,R&L Commercial represented the seller Hartland-Plainville, LLC while Vance Taylor of Commercial Real Estate Group represented the buyer, Queens Peak, LLC. Steve and Vance would like to express their thanks and appreciation to the City of Bristol for their help in facilitating the transaction.
O,R&L is a full service real estate firm that specializes in Commercial Real Estate Brokerage, Commercial Construction, and Facility Management and Maintenance. For more information regarding O,R&L Commercial, visit online at www.orlcommercial.com.
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For additional information on this sale or other transactions you may contact Carol Karney at (860) 761-6015 or visit our website at www.orlcommercial.com