A Way Out: September 2005
Stamford developer offers alternate to Utopia
By Stephen Kurczy
On September 21, 2005, JHM Financial Group described itself as everything Utopia Studios Ltd. is not.
“We will provide empirical evidence that this is viable.”
“We are well known.”
“Everything we do will be transparent.”
“We have no intention of using that site as a guinea pig for something that hasn’t been heard of.”
John McClutchy, principal of several companies in the JHM group, is defining what a good developer would do, which is everything Utopia Studios Ltd. has not done, and what JHM will do if their proposal is accepted.
And they might not provide union jobs, of which Utopia Studios has promised 22,000.
When the Advisory Committee hosted a meeting with JHM, Utopia backers and union supporters gathered and even hissed as John McClutchy answered questions from the committee.
“It’s too easy to be cynical,” said Paul Sampson of Preston, after the meeting.
“They’ve played into what (the Advisory Committee) was asking for. A lot of positive has since happened with Utopia.”
JHM is no Utopia, and their idea of age-restricted housing, recreation, and retail for the 470-acres of the former Norwich State Hospital is mundane compared to the $1.5 billion entertainment complex that both Wall Street and Hollywood have “vetted and approved,” according to recently reinstated CFO of Utopia Studios Joseph Gentile.
“Shows you how quick that stuff can flip-flop,” Advisory Committee member Mike Sinko said.
McClutchy told the committee that he would be in charge of JHM’s development from day one to completion.
Attorney Thomas Ritter, former Connecticut House speaker, said 30 years experience has proved McClutchy trustworthy and dependable.
“I would not be here if I did not personally back the integrity of this man,” Ritter said.
“Every time he has represented something to a community he’s kept his word and brought acclaim from people there.”
JHM, which includes Greenwich-based Starwood Capital and Starwood Hotels, one of the largest hotel owners in the world, has been interested in the site for seven years, McClutchy said, but was lost in the shuffle as the state sought developers. McClutchy approached First Selectman Bob Congdon last October, though by then negotiations were well on with Utopia.
JHM has $2 billion in the bank. Another $2 billion could be easily acquired for such a development, McClutchy said.
Starwood is experienced in environmental remediation in everything from old hospitals to mill buildings. In Chelmsford, Mass., Starwood converted an 1880s building into mixed-development housing.
“There are alternatives (to Utopia) and there are interested developers,” McClutchy said.
By Stephen Kurczy
On September 21, 2005, JHM Financial Group described itself as everything Utopia Studios Ltd. is not.
“We will provide empirical evidence that this is viable.”
“We are well known.”
“Everything we do will be transparent.”
“We have no intention of using that site as a guinea pig for something that hasn’t been heard of.”
John McClutchy, principal of several companies in the JHM group, is defining what a good developer would do, which is everything Utopia Studios Ltd. has not done, and what JHM will do if their proposal is accepted.
And they might not provide union jobs, of which Utopia Studios has promised 22,000.
When the Advisory Committee hosted a meeting with JHM, Utopia backers and union supporters gathered and even hissed as John McClutchy answered questions from the committee.
“It’s too easy to be cynical,” said Paul Sampson of Preston, after the meeting.
“They’ve played into what (the Advisory Committee) was asking for. A lot of positive has since happened with Utopia.”
JHM is no Utopia, and their idea of age-restricted housing, recreation, and retail for the 470-acres of the former Norwich State Hospital is mundane compared to the $1.5 billion entertainment complex that both Wall Street and Hollywood have “vetted and approved,” according to recently reinstated CFO of Utopia Studios Joseph Gentile.
“Shows you how quick that stuff can flip-flop,” Advisory Committee member Mike Sinko said.
McClutchy told the committee that he would be in charge of JHM’s development from day one to completion.
Attorney Thomas Ritter, former Connecticut House speaker, said 30 years experience has proved McClutchy trustworthy and dependable.
“I would not be here if I did not personally back the integrity of this man,” Ritter said.
“Every time he has represented something to a community he’s kept his word and brought acclaim from people there.”
JHM, which includes Greenwich-based Starwood Capital and Starwood Hotels, one of the largest hotel owners in the world, has been interested in the site for seven years, McClutchy said, but was lost in the shuffle as the state sought developers. McClutchy approached First Selectman Bob Congdon last October, though by then negotiations were well on with Utopia.
JHM has $2 billion in the bank. Another $2 billion could be easily acquired for such a development, McClutchy said.
Starwood is experienced in environmental remediation in everything from old hospitals to mill buildings. In Chelmsford, Mass., Starwood converted an 1880s building into mixed-development housing.
“There are alternatives (to Utopia) and there are interested developers,” McClutchy said.
posted by Stephen C. Kurczy at 4:25 PM
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