Since the 1970s, La Renaissance’s grand entrance and chandelier have greeted guests attending thousands of weddings, proms, corporate meetings and other events.
Now, as the East Windsor facility faces a foreclosure auction, at least a half-dozen potential buyers have lined up to bid on 27,000-square-foot banquet hall on eight acres.
Some, like Bruce Maneeley, owner of Maneeley Banquet & Conference Center in South Windsor, say the venue could continue its long tradition of hosting events.
“We definitely are interested,” Maneeley told me. “We haven’t been able to get into the building. People say it needs a lot of work: new roof, new parking lot.”
It isn’t likely that the Prospect Hill Road facility could be redeveloped for another use, commercial real estate experts said Monday. But a buyer may see potential for a different use, plans that could include demolishing the existing facility, they said.
R. Michael Goman, a broker at Goman + York Property Advisors in East Hartford, said the property would make a logical extension for retail development just to the north. The construction includes a Walmart supercenter.
“It could be a good retail site for somebody, a good hotel site, right on highway on an interchange,” Goman told me.
Gus Constantine, a Glastonbury lawyer overseeing the foreclosure, said Monday he believes four or five of the potential bidders have some ties to the banquet and event business. A zoning official in East Windsor said the town had not been approached by any potential developers.
According to court documents, La Renaissance’s current owner, Dharamshi, LLC, paid $5.1 million for the property at 53-59 Prospect Hill in 2007. The buyer financed the purchase with two mortgages totaling $2.4 million, online property records show.
The property fell into foreclosure in June, 2012. Court records show that $2.2 million is still owed to lender People’s United Bank. The total includes nearly $39,000 in property taxes paid to the town by the bank, the records show.
An appraisal of the La Renaissance property, commissioned by People’s United last fall and filed in court, pegs the property’s worth at $3.3 million.
Dharamschi principal Atulkumar S. Vachhani couldn’t be reached for comment Monday. Both Maneeley’s and the Aqua Turf, which has facilities in Southington and Farmington, said they have booked events originally scheduled for La Renaissance.