DANBURY, CT-Norwalk-based Building and Land Technology has purchased two parcels totaling approximately 95 acres within the Reserve, a planned neighborhood development, at an aggregate price of $16 million. The firm plans to break ground by the third quarter of this year on a residential housing development and a commercial office project at the respective sites, says Paul J. Kuehner, Building and Land Technology's CFO.
The properties were purchased from a single purpose entity, Woodland Group II, LLC of Danbury. The first acquisition consists of approximately 35 acres on Woodland Road. The site has approvals for 470 residential units. The second purchase involves approximately 60 acres, also on Woodland Road, and has approvals for 650,000 sf of office space. Both parcels are located off of Exit 2 of Interstate 84.
Carl R. Kuehner, president and CEO of Building and Land Technology, says the purchase "will afford us the ability to continue our tradition of delivering affordably priced new homes to the residents of Danbury."
Paul Kuehner says the housing project and the commercial office project will be started simultaneously later this year. The housing development will be built in phases of about 100 units, he says. The company believes it will have sufficient lease commitments to begin construction on a 200,000-sf office building as well. He adds that while the company begins construction on the first 200,000-sf building, it will also break ground on another 200,000-sf building on spec.
Company officials did not divulge any development cost projections for either project. Paul Scalzo of Coldwell Banker Commercial Scalzo Group and Jean Haddad of Reserve Realty LLC have been hired to market the commercial and residential developments respectively. Building and Land Technology has developed approximately 1,500 residential units in Danbury over the past decade including Sterling Woods, Kensington Woods, the recently completed Arlington Woods, and Briar Woods, which is currently under construction on Briar Ridge Road.
The company owns approximately 1.2 million sf of office space in Norwalk, which includes 900,000 sf in four office buildings called the Towers at Merritt River and Merritt on the River. These buildings are virtually 100% leased, and a fifth building, the recently completed 901 Main Ave., is already approximately 50% preleased, company officials say.
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