GEORGETOWN, CT-The Georgetown Special Taxing District, the entity in charge of overseeing the $300-million redevelopment of the former Gilbert & Bennett Wire Mill here, will receive more than $72 million in qualified green building and sustainable design tax-exempt project bonds. The financing comes from the US Treasury Department and will provide funds for the purchase, construction and integration of renewable energy sustainable design features of the project, the project's compliance with LEED certification standards and for the remediation of the site. Part of the criteria for the green bond financing was that the project must provide at least 1,500 permanent new jobs.
The Georgetown Special Taxing District was enacted into law in July 2005 and was formally created this past September to oversee the redevelopment project, which is expected to break ground by the middle of March, Georgetown Land Development Co. officials say. GLDC is the owner of the 55-acre site. The approved plans calls for the construction of 416 housing units, more than 300,000 sf of mixed-use commercial space, a Georgetown train station on the Metro North New Haven line and a new performing arts theater. Initial construction will involve the upgrade of the existing sewage treatment plant at the site followed by the residential and commercial construction.
The housing component will feature a mix of single-family houses, townhouses, affordable senior housing, artist's lofts and artist's live-work lofts. Other components of the project include restaurants, a health facility, some retail space and a hydroelectric dam and power plant.
Stephen Soler, president of the Georgetown Special Taxing District, tells GlobeSt.com that his firm has selected a third-party developer for the residential component of the project. He says GLDC will announce the selection in the next few weeks. In addition, the company is looking to retain a third-party developer for most of the commercial component of the venture. GLDC retains the rights to develop about 100 lofts that will be incorporated into the commercial component of the project. "Our intent is to joint venture with somebody who shares our vision for the project."
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