[Hypothalamus]

Kennedy Place Update:

Huge scale-down from the earlier proposal, but it is not a surprise.

Firm looks to build in downtown Danbury
Dirk Perrefort
Tuesday, November 19, 2013


A file photo of the old Amphenol property in downtown Danbury, Conn.

DANBURY -- Details of a housing proposal by a national development firm that could invest $70 million in the city's downtown were unveiled Tuesday during a City Council ad-hoc committee meeting. The project is being touted as a key to downtown revitalization.

The focus of the meeting was on whether the city would offer a seven-year tax deferral on property improvements once the project is completed.

The project had been approved under the name Kennedy Place. But that 586-unit development by the property owner, BRT Corp., stalled when the recession hit about five years ago. Daniel Lee, a director with the Virginia-based Greystar development, said his company wants to take over the project and to build about 375 market-rate apartments with amenities such as a clubhouse, a cyber cafe, pool and a fitness room.

"We believe in this project and we believe in downtown Danbury," Lee said, adding Greystar is one of the largest property management firms in the nation and has signed more than $1.7 billion in development deals in the past two years.

The Kennedy Avenue proposal would include three, three story main buildings, Lee said, with mostly one-bedroom units and some two- and three-bedrooms apartments. Estimated monthly rents range from $1,800 to $2,600, he said.

Lee said company officials were attracted to the property because of its downtown location, easy access to major transportation hubs including Metro-North Railroad, and the pedestrian-friendliness of the location.
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The mayor and CityCenter Chairman Tom Devine said the project would lead to interest and development downtown and attract new retailers to Main Street.
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Dan Bertram, the principal with property-owner BRT, said Greystar has a great reputation.

"We are very excited to have Greystar involved in the continuation of the urban renewal of downtown Danbury," Bertram said. "We love their approach to the project and we are excited to see it moving forward."

Lee said Greystar hopes to start construction next year.