Georgetown Land Development Co. reportedly is selling the former Gilbert & Bennett factory site in Redding to Georgetown Green L.L.C., which plans to proceed with the project to transform the former wire mill into a 55-acre village community.
Under original developer Steve Soler, Georgetown Land Development had received a “smart growth” design award from the U.S. Environmental Protection Agency, but the project stalled after the collapse of the credit markets.
In January, the state approved $3.5 million in tax-increment financing for the project, but in February the project was denied $28 million in federal funding intended for a parking garage.
Currently based in New York City but planning to relocate to Redding, Georgetown Green is led by former Morgan Stanley manager Cal Cooper, according to the Redding Pilot.
Georgetown Green stated because of its established relationships with financial institutions, the project is receiving “overwhelming interest,” according to a press release cited by the Pilot.
Georgetown Green pledged to adhere to the original master plan approved by the town in 2004, which includes single-family homes, townhouses and condominiums as well as office, retail and entertainment space.
