A real estate development company has presented a concept plan for the construction of a $30 million, 248-unit residential apartment complex on a parcel of land located off Bridgeport Avenue, tucked behind and .
Attorney Dominick Thomas represented the developers, Talbot Partners LLC, at the Planning & Zoning Commission's June meeting last week. The 13-acre property they're eyeing is currently owned by the Francini family and has reportedly been marketed for a number of years to no fruition.
"There is no ability for this space to be used for retail because there is no visibility," Thomas said, adding that there is an "excellent market" for the type of "upscale" apartments proposed.
The complex would consist of 11 buildings in four clusters. Parking ratio would be two spaces for each unit. Plans also include a clubhouse with a fitness gym, tennis courts, a pool and a community gathering center. The monthly rental price for the studio, one or two bedroom units would be between $1,500 and $2,500.
Talbot Partners estimate a two year construction period that can start next Spring if PZC approves their application and OKs the project. Construction would provide employment for 300 people, and about 40 permanent jobs in office administration and land maintenance would be created once the buildings are finished.
Shelton has had success with similar projects such as the Avalon Bay building, which is currently 100 percent rented, and a predicted that there will be a strong rental market for a generation to come.
Thomas said the Bridgeport Avenue project would have minimal impact on both services and schools. He presented the Commission with information on "The School Cost Myth," which shows that schoolchildren do not traditionally come from apartment buildings.
Additionally, this type of development would generate the same amount of taxes as a Class A office building, but without the increased traffic.
As for actual construction, the site would have to be leveled and it is anticipated that retaining walls would need to be erected. Storm water would be managed on-site through methods such as above-ground ponds. The apartment buildings would have a "cultured stone look" at the base and HardiPlank, a light pine board, for the rest.
There would be a main shared entrance with Planet Fitness and emergency exits that would be gated to prevent public use. The entrance would have a boulevard look similar to that of .
Thus far, no formal applications have been submitted. The discussion at PZC's meeting was merely informal. However, commissioners seemed enthusiastic and Talbot LLC agreed to move forward with topography and geotechnical surveys that will provide more details on the project.