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NORTH STAMFORD, CT-Hannah Real Estate Investors plan for an 18 homes here has been approved by the city’s planning board. Seth G. Weinstein, principal of Hannah Real Estate Investors, says the Rock Rimmon Estates development, when fully built out, will be worth approximately $50 million.

The homes will be built on a 65-acre tract as a result of a co-development deal between Hannah Real Estate Investors and the Ulyanov Family. The property, the former Gelb Estate, was home to the family who founded the Clairol cosmetic companies. The Ulyanov family purchased the property in 2003.

“We worked very hard to design this project to preserve the natural beauty of the property and meet the needs of the community,” Weinstein says. From the original 73-acre estate, two four-acre parcels, that already contain two of the original estate houses, have been reserved on Rock Rimmon Road for members of Ulyanov family, company officials say.

The remaining 65 acres of the property will be subdivided. Each home will be set on its own, two-acre to five-acre site and 23 acres of the property will be set aside as a conservation easement, company officials say. Each home will be in excess of 5,000 sf.

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