There were two bidders for the Montgomery Mills complex at Saturday's foreclosure in Windsor Locks.
The highest bidder at $15,000 was Mohan Sachdev, a veterinarian from Windsor, Patrick McMahon, economic development consultant, said. Hal Pierce of Pierce Builders was the other builder.
Sachev wants to restore the building for residential, McMahon said. Pierce Builders was going to demolish the building for materials.
"The attorney responsible for the auction will bring the results to court and we will see if the bid is acceptable to the court," McMahon said in an email.
The current outstanding tax liability owed by Canal Benk Realty is $403,342.20, with interest accruing monthly, officials said. The town also has liens against the property for the expenses related to a fire that destroyed a part of the mill complex on July 16, 2006.
The property has been appraised at $900,000.
A foreclosure sale was originally planned for . A day before the sale was to take place the property owners declared bankruptcy. This delayed the proceeding but officials continued to press the town’s rights and received a relief of stay in order to pursue the foreclosure sale.
The redevelopment of the property is part of town officials’s hopes to revitalize Windsor Locks’ downtown. Those plans also include relocating the commuter train station back to downtown as part of the New Haven- Hartford- Springfield commuter rail project.
The property consists of three contiguous parcels of approx. 3.38 acres of R-DRD zoned land with two buildings plus detached garage comprising of approx. 255,446 sq. ft. of old mill structure. The property is listed on the National Register of Historic Places. It is expected that apartment or condominium developers will have interest in this property.