WALLINGFORD — After purchasing the Brothers Restaurant property in a foreclosure auction on Oct. 13, the town plans to demolish the building and expand the parking lot.
On Tuesday, the Town Council is slated to hold a public hearing and consider whether to approve a funding ordinance for $610,000, a combined amount for the cost of building, demolition and bonding costs.
The town purchased the property at 33 N. Cherry St. for $411,000. The town has 30 days to pay the balance of the purchase price.
The court required all participants to provide a $47,000 deposit. The building was appraised at $524,000, with the land appraised at $87,400, according to town property records.
The Town Council authorized the mayor’s office to bid on the property in August.
Mayor William W. Dickinson Jr. said Friday that razing the building would provide additional parking spaces.
“We’ve had, on hold, a project to improve that whole parking lot,” Dickinson said.
More space, he added, “would make it far more attractive.”
The town acquired the property with an eye toward downtown revitalization. Dickinson said increased parking, possibly up to 40 spaces, may support the Incentive Housing Zone and transit-oriented projects.
“With public parking available, it may encourage other investment in properties,” he said. “It fits in with our plans to change zoning and encourage new investment.”