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A languid development task next to the Metro North station in Fairfield is in a position to start an incoming developer.
Accurate, a New Jersey-based developer, bought the site for Fairfield Metro’s The Crossings, CT Insider reported. Black Rock Realty, the distributor of the development site. The value of the transaction was not disclosed.
The 24-acre site has a façade on Ash Creek and approvals in place, so Accurate may not have to start from scratch. The site has been approved for 357 apartments, 118 hotel rooms, 70,000 square feet of work area and 40,000 feet of advertising area.
Louis Zuckerman of CBRE is a member of the team that represented the salesperson.
Mark Barnhart, director of the Office of Economic and Community Development, said the city has been running Accurate for some time and expects the structure to begin in the coming weeks. Barnhart also said the developer is contemplating converting the site’s blueprint.
Site plans have been in preparation for more than a decade. The development, originally planned for 1 million square feet, was first introduced in 2005 to basically include offices as well as advertising and hotel space.
The developer hoped to hire a large portion of the offices in advance, but this proved confusing during the 2008 financial crisis. This led Black Rock to revise its plans, incorporating a five-story construction with 197 sets into its plans.
With the assignment inactive, Black Rock ceded to its partner, Enclave Equities. Enclave obtained site approval for the assignment, but never began construction.
Last year, Accurate got approval for an assignment on the Passaic boardwalk, where the defunct Newark Bears baseball team once played.
The proposed 11-building complex will eventually come with 4200 units, 3,000 parking spaces, wellness and coworking services and 100,000 square feet of advertising space, divided between suites, retail spaces, restaurants and a hotel.
[CT Insider] – Holden Walter-Warner
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