The one-time site of the Chromium Process Co. in Shelton has been bought from the city by developers John Guedes and Biaggio Barone for $700,000.
The deal involves four lots on Canal Street totaling 1.63 acres and a 40-foot strip of property measuring about 10,000 square feet. The one-time brownfield site will be redeveloped as a five-story mixed-use building featuring 75 apartments and retail, pending Planning & Zoning Commission approval.
Guedes and Barone will also finish The Shelton Riverwalk, which runs around a park bordering the Housatonic River, as part of the agreement.
Shelton took over the Chromium Process Co. property after it was closed in 2009 by the then-Department of Environmental Protection. The company filed for bankruptcy that same year, and the building was demolished in 2015.