New London ― Parker Benjamin, a national real estate and investment banking firm with ties to several New London projects, was the only company to submit a proposal to redevelop the former Shalett’s dry cleaning business at 2 Montauk Ave.

The city through a July tax foreclosure action took possession of the property after its owner failed to pay $43,000 in back taxes. The 119-year-old white brick building on Garibaldi Square was owned and operated by the Shalett’s Cleaning and Dying Corp. until 2004 when ownership was transferred to Ronit Inc., property records show.

Joshua Montague, the city’s accounting and purchasing agent, said Parker Benjamin’s proposal will not be made public until it’s formally presented to the City Council, though there’s no timeline for that process.

The cleaning and laundry business shuttered four years ago. There has been no information released on the amount or types any contaminants that might have seeped into the property after decades of use as a dry-cleaning operation.

A request for proposal for development of the property was issued by the city on Nov. 20 with bids due last Friday. City officials previously said they are seeking to recoup the $43,000 in back taxes as part of any sale.

The city aims to transform the 1.6-acre property, and its 11,000-square foot building, into a “vibrant, multi-functional space,” according to a project summary created by the city.

“Through respectful redevelopment, we envision the property as a dynamic linchpin, offering a blend of residential, commercial and cultural spaces,” the summary states. “We anticipate it meeting market demands by providing a unique mix of retail and potential dining options, alongside affordable, quality housing, thereby driving economic growth and job creation.”

Parker Benjamin, which has offices in Unionville, Boston, New York, Florida and South Carolina, touts itself as a “privately held boutique investment firm” on its website.

The company lists several New London development projects ― both completed and ongoing ― it’s had a hand in, including the restoration of the Manwaring building on State Street into Connecticut College student housing; the plan to create a mixed-use luxury apartment/retail complex on Bank Street; and the proposed refurbishment of a former silk mill on Garfield Avenue into market rate apartments.

Felix Reyes, the city’s director of economic development and planning, said Monday his department will review Parker Benjamin's proposal and map out the scope of work, proposed use of the property and any related financial information.

Reyes said the finalizing of any purchase and sales agreement would be contingent on Planning and Zoning Commission and City Council approval.

j.penney@thday.com