After seven years, foreclosure set for Beaton & Corbin site; here’s what will take its place

After seven years, the foreclosure of the Beaton & Corbin site is taking place this week, clearing the way for the land to be remediated and developed by Lovley Development, Inc. into a 13,000 square foot strip mall. Southington Economic Development Director Lou Perillo said the town has been working to get the property sold and back on the tax rolls since 2014. He anticipates the site should be remediated and the strip mall should be up by April or May of next year. The acre of property is expected to generate $40,000 to $50,000 in tax revenue. For this project, the town of Southington received a $400,000 grant from the Department of Economic and Community Development. Both the town and Lovely each put in $150,000 to the project as well. Additionally, Lovely secured a $400,000 low-interest loan from the Naugatuck Valley Council of Governments for the development of the site. The town is providing Lovely with a 10-year tax abatement contingent on the building being put up.

http://www.bristolpress.com/BP-Southington+Herald+News/389589/after-seven-years-foreclosure-set-for-beaton-corbin-site-heres-what-will-take-its-place

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