Drivers in downtown Danbury have noticed buildings going up recently on a long vacant property along Main Street. The Greystar Development will have more than 370 units in three buildings. Mayor Mark Boughton says the housing development at Kennedy Avenue continues to move along.
A seven year tax deferral for the project was approved by the City Council, though Greystar will continue to pay taxes on the 9.5 acre property.
The project was first announced in 2005. Boughton says this represent a $70 million investment in Danbury's Main Street.
The developer expects to have the first residents moving in by January 2016.
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. Boughton was asked at the time of the deferal approval 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.