First Alliance CEO: 'We Have Spent a Lot of Time Here'

The chief executive of the company proposing a massive project to revitalize Downtown Rockville - and move the corporate headquarters of First Alliance Lending to town - said things were "looking good" on Tuesday. 

First Alliance CEO John DiIorio made an impromptu presentation to the Town Council on Tuesday. He said negotiations with two Downtown property owners seem to have come to terms and his company is close to finalizing a deal with a third. 

He said he has met with state officials and the state has expressed interest in the project, which could bring to East and West Main streets 1,100 corporate employees in 200,000 square feet of space and revitalize 100,000 square-feet of retail space.

He said First Alliance could also acquire the Circuit Cellar building across from the Town Hall Annex and the Bank of America complex across the intersection of East and West Main streets. 

DiIorio said the area will be surveyed over the next several days and a film crew would be present Downtown to capture footage for a presentation to the town, likely at the end of October.  

"Things look good. We have spent a lot of time here," DiIorio said. 

DiIorio said that two phases of studies, many involving environmental issues, would be undertaken in the fourth quarter of this year. He said the state said it would lend its support with any problems that may arise, though no problems are anticipated. 

He said he hopes First Alliance could close on all properties in the first quarter of 2014 and that means demolition work could begin in late spring or early summer. The work would progress from west to east, he said. 

"I am not going to tell you when we will be done," DiIorio joked.

DiIorio said many business tenants have been working with First Alliance willingly on what he termed reasonable rent proposals.
 
"We will not be able to accommodate  everyone, but the people we cannot accommodate will have nothing to do with rent," he said. 

He said the final product would be "a big win for the merchants with 1,100 consumers upstairs."

First Alliance is currently in East Hartford.