Ex-business headquarters in Trumbull up for sale by owners
After a court fight over a proposal to convert a Trumbull business headquarters into a senior living community, the property has been put up for sale by its owners as a shovel-ready deal for another developer to take on, or to invest alongside as a joint venture.
The campus at 48 Monroe Turnpike in Trumbull was once the headquarters of Oxford Health Plans, owned today by UnitedHealthcare which moved the administrative office operation to Shelton in 2015.
The property has been owned since 2018 under a limited liability company controlled by Senior Living Development, whose principal Mark De Pecol is CEO of KindCare Assisted Living based in Fairfield. Senior Living Development acquired the property for just under $3.3 million, with the city’s most recent appraisal calculating a value of $3.9 million.
De Pecol told CT Insider on Wednesday that offering projects up for sale or joint venture is typical for Senior Living Development, and that KindCare rates are designed to be 30 percent below those of other options. The company has a senior community in Bristol opening this spring, and another under development in Naugatuck.
Trumbull’s head of economic development said the conversion remains an “outstanding” option for Trumbull, of the mix of possible options to redevelop the property.
“We continue to have current residents call inquiring about when this development will begin construction and how to get on a list for the future,” stated Rina Bakalar, Trumbull’s head of economic development, in an email response to a CT Insider query. “In our recent housing survey where over 1,300 residents responded, the need for all sorts of senior
housing options (market rate and affordable) came out strongly as something residents feel is needed in Trumbull.”
The proposed Rivers Edge facility would have nearly 200 apartments with access to assisted living services and living quarters for dementia patients, and the ability to rebuild a garage structure as a second building with nearly more 150 units as an “active adult” community.
In a document posted on the LoopNet commercial real estate website, Senior Living Development projects a 23.4 percent return on investment for any would-be buyers. At the time Senior Living Development aired its plans in 2018, the town estimated the cost of the conversion at $100 million.
A legal challenge to the project had been filed in state court by Old Mine Associates, the limited liability company that owns a retail complex next door anchored by Home Depot, with both properties abutting Old Mine Park. A judge ruled last September in favor of Senior Living Development, with Old Mine Associates appealing
the decision without success.
In filings with the Connecticut Secretary of State, Old Mine Associates lists as its main point of contact a principal of Bridgeport-based Peter Dinardo Enterprises, which has a dozen properties in Trumbull and a number more throughout Fairfield and New Haven counties. Peter DiNardo Enterprises could not be reached immediately Tuesday for comment on any current stance on the Senior Living Development project.
Trumbull has added several senior living communities in recent years as part of a larger apartment boom, with facilities including Bridges by Epoch at Trumbull, Middlebrook Farms at Trumbull, River Valley Retirement Community and Spring Meadows by Monarch. In January, the town renewed a moratorium on new apartments to analyze any impact by the Residences on Main nearing completion next to the Westfield Trumbull mall.