A ground breaking ceremony has been held for a housing development project being constructed in Danbury. The Kennedy Place property will have 378 units in three buildings of one, two and three-bedroom luxury apartments. The prices will range from $1,300 a month to over $2,000.
The property was sold to Virginia-based Greystar Development by BRT, which came under fire from several City Council members when they built the Crosby Street apartments using a tax break meant to bring people downtown, and turned it into student housing for West Conn. Mayor Mark Boughton was asked if that's a concern here.
He says the cost of the apartment would probably prohibit that. Boughton says West Conn students certainly have a role to play in the economy of Danbury, but Greystar is not marketing this development to them.
Boughton says this represent a $70 million investment in Danbury's Main Street.
A seven year tax deferral for the project was approved by the City Council last January, though Greystar will continue to pay taxes on the 9-and-a-half acre property. If the project is converted to condominiums, individual owners will have the opportunity to acquire a tax deferral.