SPRINGFIELD — The winning bidders who bought the imposing but fell through Paramount TheatreThe hotel block /Massasoit House is a Connecticut family-owned development company that restored a small movie theater and developed housing and retail in nearby Windsor.

Suffield-based Sachdev Real Estate Development paid $750,000 for the Paramount and Massasoit property, a block-sized building at 1676-1708 Main St. and 33 Gridiron St., according to documents filed Wednesday with the Hampden County Register of Deeds. Sachdev — under chairman Manmohan Sachdev — was the anonymous bidder in an online auction in late September.

“Our intent is to revitalize the Paramount and renovate the former Massasoit Hotel to support local small businesses, nonprofits and Springfield residents,” Sachdev Development said in a written statement. “Led by Dr. Mohan Sachdev with the support of his development team and family, Sachdev Real Estate Development, Inc. understands the impact that art can have on economic development. We recognize and appreciate the tremendous investment and work that developers, nonprofits and private families have done in Springfield, and we are happy to join this network committed to making the City of Firsts a shining star in New England.”

Mohan Sachdev, a veterinarian, could not be reached, and his son, Neill Sachdev, declined to comment further.

The seller was the New England Farm Workers’ Council.

On Wednesday, Daniel M. Knapik, president and CEO of the Farm Workers Council’s parent organization, Partners for Community, said he believes any redevelopment will be a mix of apartments and businesses.

Indian restaurant Punjabi Tadka is now operating in Paramount, and the former Luva restaurant doesn’t need much work, Knapik said.

The rest of the Paramount house and Massasoit need a lot of work with falling plaster and persistent water leaks. The theater has not hosted any events for about a decade.

In June, Sachdev broke ground on Residences at Bowfield Green in Windsor. It’s a $20 million residential and commercial development on two vacant sites and a former Ford dealership, according to the Hartford Business Journal.

Starting in 2012, the Sachdev family renovated The Plaza Theatre and its attached storefronts on Broad Street, also in Windsor.

The theater was built in 1929.

The 1,750-seat Paramount Theater opened the same year of the stock market crash, also as a movie palace when talking pictures came on the scene. Paramount has also always hosted live shows, with Abbott and Costello, The Three Stooges and Jerry Seinfeld. It was a rock venue for a while with acts like Chuck Berry and eventually rapper 50 Cent.

The Massasoit House Hotel dates back even further, to 1843. Built to serve the train station across Main Street, the Massasoit House hosted dignitaries, including four U.S. presidents: Franklin Pierce, Andrew Johnson, Ulysses S. Grant, and Theodore Roosevelt, as well as Jefferson Davis from the Confederacy while he was US Secretary of War.

The council bought the building in 2011 for $1.73 million and made it the center of economic development plans at one point as part of The Penn National casino proposal that lost to MGM and later as a boutique hotel developed by the owners of the Red Lion Inn. None of the proposals took off.

Since last year, New England Council of Farm Workers he was forced to sell his real estate portfolio, including Paramount, to pay off debts. Those debts included more than $1.8 million owed to the state afterward home heating subsidies were misspent for other purposes.

The funding fell to council leader Heriberto Flores. Flores, politically connected in the Latino community, declined to discuss the situation.

The council received a $2.5 million state grant for Paramount in 2018. In 2017, the U.S. Department of Housing and Urban Development gave the city a $3.6 million loan guarantee to support the project. Both funding announcements brought state and local officials to Paramount.

Under the Red Lion plan, the money went to replace roofs, do interior work in the old hotel and upgrade electrical service.

Today, visitors to the hotel rooms and dining areas on the upper floors can see where walls were removed in preparation for that construction. Engineers were apparently exposing structural elements to inform plans for a possible renovation.

But those hotel plans fell through with the pandemic.

The board pledged its properties, including the Paramount, to the state this year, guaranteeing what was a $1.8 million debt.

The Farm Workers Council misspent $1,849,775 in Low Income Housing Energy Assistance Program funds when it administered the program here. He had to pay the money back.

Under Knapik, a former Westfield mayor, the council has reduced debt, Knapik said, providing a recent financial record showing the council owed the state $575,000 as of Sept. 18.

The sale of Paramount did not directly help LIHEAP’s debt, Knapik said. But it retired a $952,000 loan and removed $400,000 a year in maintenance, a $125,000 tax and other expenses from the council’s budget.

In December, Farm Works plans to auction off 217-225 High St. of Holyoke, commercial buildings across from City Hall. The council still has an ownership interest in the Borinquen Apartments between Sheldon and Huntington Streets and an office building at 32 Hampden St. All are for sale.

The council still has four employees and administers a federal program that helps migrant farm workers, a nod to the organization’s roots. The council also holds the main tenancy at 1628-1640 Main Street, a building it once owned but sold and continues to manage.

At 1628-1640 Main St., the council just leased its second street-level storefront, one next to Urban Gear. The third and fourth floors have tenants. The second floor is available.