New London ― The sale of The Day’s historic headquarters at 47 Eugene O’Neill Drive was finalized this week, opening a new path for the newspaper and the 117-year-old building that has housed generations of reporters, editors and other staff.

The formal closing, announced on Thursday by Timothy Dwyer, The Day’s president and publisher, came almost four months to the day after the newspaper entered a purchase and sales agreement with High Tide Capital LLC, a Bangor, Maine development company, which specializes in renovating historic structures.

Dwyer on Friday praised the professionalism of High Tide Capital principals Dash Davidson and Max Patinkin and lauded the company’s “track record of getting projects done in New London.”

“They’re not leaving properties vacant for 10 years,” he said. “These are high-end developers with a reverence for history, including that of this newspaper.”

The four-story building, initially listed for sale in February 2022 for $2.65 million, eventually sold for $1.875 million, a price tag that includes 65,000 square feet of office space and less than an acre of land.

Dwyer said the months leading up to Thursday’s sale involved a period of due diligence and the crafting of a short-term lease that will allow staff to remain in the building for up to six months.

“But both parties would like to see us out before that, with a target date of four months,” he said. “We will continue to stay downtown and are currently negotiating with the owner of a downtown building. Hopefully, that will be resolved fairly quickly.”

The shuttering and sale of The Day’s printing equipment – the paper has been printed in Providence since 2011 – and staff downsizing left the company with more space than it needed.

Dwyer said profits from the sale has already been applied to debt the company incurred.

“That debt was paid off (on Thursday).” he said. “And it leaves a chunk of money for us to invest in a new space and in the company. This is a real milestone for the city, not just the company. High Tide is not just looking to preserve, but also enhance ― to make a significant contribution to the revitalization of the city.”

In November, Davidson and Patinkin unveiled conceptual plans that showed a 120-room hotel, along with apartments and retail spaces, on the block of Eugene O’Neill Drive where The Day building and the adjoining former Citizens Bank – which High Tide Capital purchased in September for $1.75 million – sit.

Davidson on Friday noted his firm’s two Eugene O’Neill Drive purchases created the “largest contiguous parcel in New London.”

“We’re so grateful to have had the opportunity to buy a building with so much history,” he said, describing his company as “stewards” of such properties. “We want to preserve that history and make it sing in a new way.”

Davidson said the sale finalization means the firm can begin working in earnest with the city on the permitting process.

“We’re eager to to explain our vision of closing Atlantic Street to vehicular traffic and create a true urban space that encompasses the waterfront, the train station, the (Chamber of Commerce of Eastern Connecticut’s) innovation center and City Hall,” he said, adding a museum space highlighting The Day’s history and contributions to the region will be included in the work.

The redevelopment company is no stranger to New London. The firm completed the refurbishment of the Manwaring building on State Street into overflow dormitory space for Connecticut College students and is in the process of restoring three Bank Street buildings as part of The Riverbank retail and housing project.

Mayor Michael Passero said he was “absolutely thrilled” by the sale completion. He said the imminent rehabbing of Eugene O’Neill Drive properties complement the recent move by the Chamber of Commerce of Eastern Connecticut into the former Merrill Lynch building just across the street.

“These are properties that have been underutilized for a long time,” he said. “They’re also gateway properties, that taken together with the (chamber) will mean a vibrant, exciting gateway to the city and also deliver economic benefits to New London.”

j.penney@theday.com