Updated, 11:50 a.m.: added rendering; 8:01 a.m.: Copy edits
NORWALK, Conn. – Real estate broker Jason Milligan has added the Fairfield County Bank buildings to the collection of Wall Street area properties under his control.
Milligan, under IJ Group LLC, closed on the purchase of the Bank buildings even though he was turned down on the Zoning changes he had requested as a condition of the sale.
Milligan said in June that he owns 20 properties in the Wall Street area. He is embroiled in a legal dispute with the City and the Norwalk Redevelopment Agency due to his purchase of Wall Street and Isaac Street properties that were slated to be used for “POKO” phases II and III. The bank buildings abut the stalled Wall Street Place development, called “POKO” by many and the “Tyvek Temple” by some.
“I am ready, willing and able to invest into the Wall Street area,” Milligan wrote Wednesday to Redevelopment Agency Executive Director Tim Sheehan and Norwalk Corporation Counsel Mario Coppola. “I just paid cash yesterday to purchase both Fairfield County Bank Buildings at 67 and 69 Wall Street. In the last six months I have invested almost $7.5 million into the Wall Street area.”
The lawsuit accuses Milligan of unfair trade practices due to deals made by “sham” companies.
IJ Group LLC bought the Fairfield County Bank buildings for $1.2 million, according to documents recorded Tuesday in the Town Clerk’s office. Norwalk collected $15,000 in conveyance tax.
IJ Group LLC was formed in 2014 and is managed by Milligan, according to the Secretary of State’s website. IJ Group LLC bought 38 Orchard St. in August 2014 for $167,750 then sold it to 38 O LLC in December 2014 for $500,000, according to the City’s website. Belpointe Capital manages 38 O LLC. Belpointe is the developer of the Waypointe complex, which includes Quincy Lofts at 30 Orchard St.
IJ Group has one other property listed on the tax rolls: it bought 37 North Ave., an office building, for $2.2 million in January 2015.
Milligan in May said he could “as of right” build apartments on the Fairfield County Bank properties but was requesting that Zoning relieve him of the requirements to have onsite parking and amenities in the building. Fairfield County Bank would remain, but in half of the space it currently occupies, because it’s the 21st century and less space is needed, Milligan said.
Zoning turned him down on the requested Zoning changes, he said recently.
“Right now we are creating a new modern branch for the bank in the front of 69 Wall Street,” he wrote. “In the meantime I am cleaning up the space to try to attract potential tenants.”