49°
Nuvance, formerly Western Connecticut Medical, is leasing a portion space at the newly named "Summit at Danbury" space for 12 years and may expand to 300,000 square feet in the facility.
The space, according to Nuvance, will include its executive headquarters, labs, clinical facilities and its back offices.
Before it was purchased by Summit Development, the building at 100 Reserve Road was called "The Matrix" and home to the Union Carbide world headquarters, under foreclosure and only 15 percent of the space was occupied.
After the $17 million dollar sale, the developer paid $20 million for improvements to the building, and plan to occupy 80 percent of the building before expanding and 100 percent afterward.
“The turnaround of this property that had been a beacon in Danbury for nearly 40 years has gone beyond what we could have imagined,” Michael Basile project manager said.
Nuvance also operates seven other hospitals in Connecticut, including Danbury Hospital and Norwalk Hospital, and in New York including Putnam Hospital and Vassar Brothers Medical Center.
“The announcement of the agreement between The Summit and Nuvance Health is some of the best economic news we have seen this year. As Connecticut enters the holiday season, this is great news that we should all be celebrating,” said Connecticut Gov. Ned Lamont. “Summit Development has made a lasting commitment to Danbury and to the State of Connecticut through their investment in this property, and their new partnership with Nuvance Health, a healthcare institution which provides world-class care.
"This announcement is only the beginning, as I know it will serve as a catalyst for additional growth and development in Danbury.”
When planned renovations on the building are completed, The Summit at Danbury will have 600,000 square feet of office space; 75,000 square feet of conference and event space; and 30,000 square feet of restaurants, fitness centers, conference spaces, pools and other amenities along with the Nuvance space.
A public school and 400 residential apartments are also planned for the building.
“Assuming the final bonding for the academy is approved in January,” Summit Development President Felix T. Charney said, “we will have filled all but 120,000 square feet of the 1.2 million we acquired in foreclosure. To accomplish this required a shared vision of all involved and a willingness to, quite literally, think outside the box. I am proud to have been a part of a true team effort.”
Click here to follow Daily Voice Pleasantville and receive free news updates.
