Northington Holdings, Welch's Enter into Agreement for Westfield General Office Building; Multimillion-dollar Redevelopment Plan Targeted
WESTFIELD , N.Y., August 3, 2005
Northington Holdings has entered into an agreement with Welch’s to purchase the company’s general office building in Westfield, effective immediately.
As part of the agreement, Northington has put together a multimillion-dollar redevelopment plan for the historic property, which is located at 2 South Portage Street at the intersections of Routes 20 and 394. The plan calls for extensive renovation of the existing facility, along with the redevelopment and rededication of the existing youth sports fields adjacent to the site. The building is currently home to employees of Welch’s and the National Grape Cooperative, Welch’s parent company, and plans are that those positions will be retained.
Paul Snyder, III, CEO of Northington Holdings, stated at the closing of this transaction, “I’m pleased that Welch’s is making it possible for the greater Chautauqua business community to recognize the potential of this Westfield property. By revitalizing this facility, Chautauqua County, the village of Westfield, and Welch’s are creating and keeping good jobs in the community.”
The redevelopment project includes the refurbishment of the existing office space currently occupied by Welch’s, as well as refurbishment of the remaining office space available to the public for leasing. This exciting development initiative is the product of a creative joint venture between Northington Holdings and Welch’s.
“We’re very pleased with this arrangement and think this is a great opportunity for the Village of Westfield,” said Bob McMillen, vice president and Corporate Controller, Welch’s. “This represents an exciting solution for the prospects of this building, and we believe it will now serve as a catalyst for growth and opportunity in Chautauqua County.” He emphasized that throughout the discussions Northington and Welch’s were intent upon keeping the interests of the community front and center.
In addition to the building renovation, there will be a rededication of the youth sports fields adjacent to the property, in honor of President Bush’s Healthier U.S. Initiative. Following in the footsteps of the White House, where t-ball fields have been opened up free of charge to America’s youth, the Welch’s sports fields will remain free of charge to the local community of Westfield. Additionally, the sports fields will be renamed Abraham Lincoln Youth Sports Park, in honor of Lincoln’s visit to Westfield in 1861 and his upcoming Bicentennial birthday celebration in 2009.
Northington Holdings is a diversified real estate holding company headquartered in Buffalo, N.Y.
Welch’s is the world’s leading marketer of Concord and Niagara grape-based products, including grape juice and jelly. The company produces a variety of other fruit-based products, including 100% juices, juice cocktails, and drinks in the following forms: single serve, bottled, refrigerated, and frozen and shelf-stable concentrates. In addition, Welch’s produces a number of fruit spread products under both the Welch’s and BAMA brand names. Welch’s Web site can be found at .