Property of the Month: ECCO Development breaks into CT retail market with Litchfield Crossings purchase

Litchfield Crossings - New Milford, CT

New Milford, CT Litchfield Crossings Shopping Center is one of the first retail ventures in the state for the family-owned real estate development company known as ECCO Development, LLC. ECCO Development is a real estate development and management company solely owned by the Westchester County based Gizzi family best known as the founders and owners of ECCO III Enterprises, Inc., a heavy highway design/build infrastructure company based out of Yonkers. However, the Gizzi family began acquiring real estate over 30 years ago and have established a diverse real estate portfolio of industrial, commercial and retail properties in Westchester, Putnam and Dutchess Counties in New York until it branched into Connecticut with the acquisition of Litchfield Crossings, a site with 30 acres zoned specifically for retail.

AT&T store, Litchfield Crossings - New Milford, CT

Litchfield Crossings was a logical step into Connecticut with the improved infrastructure, low operating costs and a vibrant economy. In addition, there has been recent improvements to Connecticut’s Rte. 7 doubling the road capacity and improved access to I-84 making Litchfield Crossings location an ideal setting that is easily accessible. There is plenty of parking within a picturesque setting with quality stores. In addition, the town is the largest by area in the state consisting of 40,321 acres or 64 square miles. It is truly a shopping destination since Litchfield Crossings attracts consumers from various distances. In addition, the town’s enticing family-oriented community attracted the Gizzi’s who have built their success on the invaluable combination of diverse educational backgrounds, dedication and hard work all coupled with old fashioned family values that have been the driving force for generations with their past, current and future successes, with Litchfield Crossings destined to be a prime example.

Panera Bread with drive-thru, Litchfield Crossings - New Milford, CT

Litchfield Crossings was acquired by the Gizzi family in late September 2013 and has been designated one of the largest shopping destinations in the area. It is located on the Western border of Connecticut and draws shoppers from all of Litchfield County, as well as, from New York, primarily Westchester and Putnam Counties. It is an open air center with national and regional retailers, as well as, a center that is providing opportunities for local businesses and smaller up and coming chain stores to flourish. Currently, approximately 169,590 s/f is occupied by large anchor tenants such as Kohl’s, Home Goods, Big Lots and most recently the center acquired Petco as a tenant. Other tenants include Panera, GNC, AT&T, Webster Bank, Union Savings Bank and the Western Connecticut Medical Group. The Gizzi family continues to make improvements to the center with plans to revamp the pylon signs and the addition of interior directional signs, as well as, working with the tenant community to create a family shopping atmosphere. Currently, there is only 16,600 s/f of space built and ready for occupancy, however, the center has the ability and the approvals to build to suit an additional 113,700 s/f that can be customizable based on size and tenant requirements. Litchfield Crossings is very amenable to working with tenants to provide the best opportunities and services to achieve a mutually beneficial long term relationship with its tenant family.

Big Lots, Litchfield Crossings - New Milford, CT (Photo Credit: Leonardo Magrani)

Litchfield Crossings has also become a vital member of the community, both unifying its tenant family, hosting events at the center and investing itself in the community and community events and causes. In fact, the Litchfield Crossings website has chosen to highlight not just the shopping center but also Litchfield County as a community with information on other venues, restaurants, historic sites etc.

“New Milford is the type of place that responds to supporting the community as a whole,” New Milford mayor David Gronbach said. “Any type of retail or developer is asking the community to support it and a lot of times they do it without the reciprocal of giving back to the community. The sense of community is very strong here. Litchfield Crossings has been receptive to that and is a big part of the community. In this area you have to be supportive of the community or people won’t respond to you, no matter how great a setup you have. You could see that it’s part of (Litchfield Crossings) business model.”

Union Savings Bank with drive-thru, Litchfield Crossings - New Milford, CT (Photo Credit: Leonardo Magrani)

It is well known that the retail market is ever changing with the fluctuations in the economy, Internet shopping, the increased cost of brick and mortar stores and a host of other variables that will arise. Accordingly, the Gizzi’s and ECCO Development, are the type of developers that are prepared to adjust with the times, while accommodating the needs of the development, the community and the consumers. Litchfield Crossings is one example of how this business model will prove successful.

ECCO Development is also actively seeking new acquisitions and development opportunities.