The Danbury City Council agreed to give a 375-unit apartment complex proposed for Kennedy Avenue a 7-year tax deferral on new construction.
This is the same parcel and roughly the same tax deal the council gave Danbury developer BRT before the recession. BRT never built its proposed 500-unit condominium project because of the economic downturn. BRT is now preparing to sell the site with its existing approvals to the Virginia-based apartment developer and management firm, Greystar.
Dan Lee, a developer with Greystar, told the council Tuesday evening the company manages property in Norwalk and Stamford. He said the goal is to build 375 one, two and three-bedroom apartments in three buildings on Kennedy Avenue. He said the firm is looking for money right now from partners or investors for the project.
"With the approvals, it is more than likely we'd start construction in June or July," Lee said. He estimated the work will take 2 to 2.5 years to complete.
Greystar will continue to pay the land taxes, but the city won't tax the apartments for seven years once they are completed.
Under questions from City Council Member Paul Rotello, Lee estimated the project would add roughly 15 students to Danbury public schools. After asking numerous questions, Rotello was the only council member who voted against the tax deferral.
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