Norwich — Mystic businessman Tim Owens purchased the four-building former Norwich Bulletin complex on Franklin Street for the “bargain price” of $150,000 — less than half the listed sale price, with no liability for environmental cleanup, his attorney said Friday.

Attorney William Sweeney of the New London firm TCORS filed the closing transaction paperwork at Norwich City Hall Friday morning. Owens purchased the 34,000-square-foot complex at 30-66 Franklin St. under the name Bulletin Building LLC for $150,000 from Gatehouse Media Connecticut Holdings Inc.

The advertised asking price was $325,000. The Bulletin moved out of the complex to leased space downtown a year ago.

Sweeney said he also plans to file the required state Transfer Act paperwork with the state Department of Energy and Environmental Protection certifying that the building has an environmental cleanup plan.

Gannett Satellite Information Network Inc. — the owner prior to Gatehouse — assumed responsibility for the cost of the environmental cleanup that had plagued the complex for years and made it difficult to market the building.

Sweeney and Robert Mills, president of the Norwich Community Development Corp., both attributed the low sale price to fears about the extent of the environmental liability.

“I think the reality is there has been a stigma surrounding the property because of the environmental issues,” Sweeney said Friday.

But he said the contamination turned out to be less than anticipated. Only one area beneath a former dry cleaning operation at the corner of Bath and Franklin streets remains to be cleaned. That work is expected to be done this summer.

Sweeney, a former Norwich city planner, said he hopes the transaction encourages other business developers to look at Norwich properties and not be scared off by potential contamination.

“Norwich has a lot of contaminated properties people thought were a lost cause,” Sweeney said. “But it’s not a lost cause if you work through the process.”

Owens, owner of the Pizzetta gourmet pizza restaurant in Mystic, said Thursday he plans to convert the complex into a combination of uses, including a business incubator, microbrewery, rooftop bar and assorted retail, artist and restaurant space.

Owens said he hopes to complete first phase interior renovations and exterior façade improvements in time to move the first businesses into the complex by the end of this year.

Mills said NCDC officials were “thrilled” to work with Owens over the past year to complete the transaction and praised his perseverance and excitement about the business opportunities there. Mills said Owens conveys that excitement to potential tenants as well.

Business tenants would qualify for lease rebates through the Norwich downtown revitalization program administered by NCDC.

“The first phase is setting up the co-work space and getting some activity there,” Mills said. “I know there’s going to be a swinging door of people coming in to lease small spaces.”

c.bessette@theday.com

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