Fairfield University announced on Monday, March 28 that they will be partnering with Kleban Properties, a real estate investment and development company located in Fairfield.

Kleban Properties has expressed interest in the site General Electrics will be leaving when they relocate to Boston in 2018. The agreement between the University and Kleban will allow the two to work together to transform the site into a high-tech hub with “a variety of educational components including an executive education center,” according to the CT Post.

In regards to the new partnership, President Jeffrey von Arx said in a statement that “We couldn’t be more excited about the potential development of this property for Fairfield University, the town of Fairfield and the surrounding communities.”

Ken Kleban, President of Kleban Properties, is also pleased with the partnership, saying in a statement that “Kleban properties is pleased to be working with a leading institution like Fairfield. We have a strong history of working with Fairfield including the development of the downtown business accelerator, FUEL, and have been involved in the Dolan Business School’s entrepreneurial programs for many years. They are a top-notch institution that will support the creation of jobs and the pursuit of technology and education.”

None of this will be possible until Kleban officially purchases the property, an agreement which is not close to being made, Mark Barnhart, the director of economic development for the town of Fairfield, said to the CT Post. Barnhart added that other organizations may be interested in buying the property as well.

According to the CT Post, if Kleban does end up acquiring the GE property, they will most likely lease space to Fairfield U, which would keep the property under private ownership.

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