Attorney Barry Knott has has done a miraculous job unknotting the mess he inherited from his court-appointed position managing Success Village, Connecticut’s largest privately owned co-op with approximately 2,000 residents split between Bridgeport and Stratford.
No heat and hot water, an antiquated boiler system created a health menace led by a rudderless board of directors. Property taxes were not paid by the board destroying the sale value of the units, millions in missing money rendered the place insolvent.
Superior Court Judge Dale Radcliffe, at the request of Bridgeport and Stratford leadership, jettisoned the board in September of 2024 and appointed Knott to resuscitate the Upper East Side property with nearly 1,000 units.
Knott restored heat and hot water. The state approved a $6 million loan to help cover infrastructure upgrades and pay millions in back taxes owed Bridgeport and Stratford.
An effort is underway to lobby the state legislature to waive more than $400,000 of accumulated interest on those back taxes.
Meanwhile, federal investigators have a forensic investigation underway to follow millions in missing money.
Knott will provide an update to the City Council about his efforts Monday night. A mayoral proclamation and City Council citation will recognize his accomplishments.
See full agenda and backup info here
Monday night’s City Council agenda also includes a public hearing regarding Pillar Property Management’s proposal to transform the former Bassick High School site into 140 units of housing, 30 percent classified as affordable, with more units planned for a second phase.
New York-based Pillar is now one of the largest property owners in the city with development projects underway or planned Downtown, East End, West Side and West End.
The city issued an RFP to select a developer.
Under the proposed agreement the developer will purchase the eight-acre property for $6 million, paid out in phases. The city projects the project to deliver more than $1 million in building permit fees and upwards of roughly $750,000 per year in taxes when completed.
The new Bassick High School, now in its first academic year, is located in the South End connected to the campus of the University of Bridgeport.
Summary snapshot below.
See full development proposal here
