Ex-Dunkin’ Park developer Landino part of group that’s purchased major struggling New Haven office building for $11.1M
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555 Long Wharf Drive, New Haven.
The mortgage on a 15-story New Haven waterfront office property has been sold for more than $11 million to a local developer who plans to reinvest in the office space.
And the new owner is a familiar name in Connecticut, especially in Hartford.
Fusco Harbour Associates LLC sold the 418,595-square-foot property at 555 and 585 Long Wharf Drive to 555 Long Wharf LLC for $11.1 million in a limited warranty deed in lieu of foreclosure filed Oct. 16, according to city land records.
The principal of 555 Long Wharf LLC is Robert Landino, the developer whose former firm Centerplan was chosen to build the Dunkin’ Park baseball stadium in downtown Hartford and apartments around it. Landino and his firm were eventually fired by the city of Hartford from the project, which led to a years-long legal battle.
The city of Hartford last fall agreed to a $9.9 million settlement to resolve legal issues around the ballpark development.
Landino said he and his partners purchased the mortgage for 555 Long Wharf Drive and plan to keep the building as Class A office space and “re-invest in this iconic waterfront asset.”
Landino’s team has not yet formulated a specific plan or budget for the improvements, but is focusing on elevator modernization, cosmetic improvements to the common areas, and additional on-site food offerings, he said.
Buffalo, New York-based M&T Bank earlier this year hired commercial real estate services firm JLL to sell a $31 million non-performing loan backed by the 555 Long Wharf property, which sits along Interstate 95, with a 1,700-space parking garage.
Developer Fusco Corp. built the 555 Long Wharf tower in 1985, and occupies the top floors of the building. There is also an adjacent parcel on which Fusco had a development application approved in 2021 for several hundred residential units.
Landino said his team has no involvement with any proposed residential development in the area and is not connected with any plans that others may have on adjacent properties.
Officials from Fusco Corp. could not be reached for comment, but city economic development officials said the approved development plans are still in effect.
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