SHELTON – Real estate investors Dan and Meghan Riccio added the building at the corner of Center Street and Coram Avenue – once home to Jeff’s Appliance – to their growing Shelton portfolio.
This is the latest twist for the property – long vacant and blighted with weeds overgrown throughout the front and rear of the building, which was splattered with graffiti.
It was only a year and a half ago it appeared the site was destined to be redeveloped. Another developer received approval to turn the site into a five-story structure, with first floor retail space and four levels of parking with a beer garden and restaurant on the roof.
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That plan is history, says Dan Riccio.
“We want to put something here that everybody can be proud of,” said Dan, who owns Shelton-based Helpful Home Buyers with wife Meghan. “We are still putting thought into what the future here will be … but it won’t be a parking garage.”
The Riccios, Trumbull residents, have spent 15 years purchasing properties and redeveloping them for resale or long-term rental use.
The couple specialize in purchasing and revitalizing distressed properties in Shelton and all of Fairfield and New Haven counties.
Dan says whether a property is in severe disrepair like this Center Street site, burdened by foreclosure or back taxes or part of an estate that needs a fast and simple resolution, his company is ready to step in and help.
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The couple also owns the building at 434-440 Howe Ave., home to Polaris Crystals, the newly opened Terayama Restaurant, and soon to be opening Blush Beauty Lounge as well as the building to the rear which is headquarters to the couple’s real estate operation.
Dan said when approached about acquiring the property at 62 Center St., he jumped at the chance.
“There is a tremendous amount of growth here,” Dan said, standing next to his newest acquisition in the heart of downtown. “We want to be a part of this growth.”
Dan, a Shelton native, said the couple purchased the property for $650,000, far less than the asking price that had been listed on commercial real estate web sites for months.
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And the Riccios began the building’s transformation even before the sale was final, cleaning up the graffiti and removing all the overgrowth, which caught the eye of Alderman Eric McPherson, who fought for months to have the property placed on the city’s blight list.
“This place was an eyesore,” McPherson said about the building.
McPherson said he learned about the Riccios after seeing their restoration of nearby 30 Fairmont Place.
“The quality of their work was amazing … the house is a real showpiece now,” he said. “So I was excited when I knew (the Riccios) would be taking this over. They want to do what’s right … they are big on quality and want to make this fit with our downtown plans.”
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The property includes the vacant 16,000 square foot building formerly home to Jeff’s Appliance which fronts Center Street.
The lot also includes smaller back buildings which will be demolished and a three-family home fronting Coram Avenue which Dan says is already being renovated to be rented in the near future.
Dan said the site has many challenges, one being the brook which runs under the property.
Past development plans called for demolition of the main structure, which would force work on and around the brook, which would prove costly. Dan says the couple plans to keep the present building, so the brook would not be impacted.
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Since they closed on the property only a month ago, they are actively working on redevelopment plans, but nothing has been finalized as of yet for the former Jeff’s Appliance building.
“We are excited whenever we get an opportunity to purchase a new project in Shelton.” Riccio said. “We truly can’t say enough great things about the city of Shelton and the leadership that has guided its thoughtful growth and redevelopment, and we’re proud to play a part in that effort. We hope this project will be just one of many developments we continue to bring to the community in the years ahead.”
This article originally published at Shelton real estate investors buy former Jeff’s Appliance building in latest property twist.