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Leaving aside whether the building is "historic" or not, I just don't see the demand for luxury apartments in Wilton at this time, and certainly not at the scale being proposed by the developer. If anything, the town is looking to add more affordable units, which this development does not do. Plus the intersection with Rt 7 will need to be altered to address the traffic issues this will create, likely by adding a traffic light. I can't see it going through in its current form.
Wilton is a very desirable town. Of course there is a market for luxury rentals there. I’ll bet they will rent up fast. Jay
Wilton is a very desirable town. Of course there is a market for luxury rentals there. I’ll bet they will rent up fast. Jay
People are moving to town to get a nice house on a large lot. Perhaps if these were town houses or condos or a 55+ community I could see the draw. But dropping $5k+ a month on an apartment in Wilton? I just don't see it.
People are moving to town to get a nice house on a large lot. Perhaps if these were town houses or condos or a 55+ community I could see the draw. But dropping $5k+ a month on an apartment in Wilton? I just don't see it.
As far as i see Avalon and White Oaks, two luxury apartment complexes in Wilton, aren’t sitting vacant. What about divorced people? People with a kid or two who are only in the area for a year or two? Grandparents who want to live near their families but don’t want the responsibility of homeownership. You underestimate the market for these. Developers aren’t stupid you know. They do a lot of market research before they spend millions. Jay
Well here's the thing. The national register of historical places is fine for grants but it does not prevent demolition or modification. Unless you have zoning with restrictions it can change. My house is from 1900. There's no historical district. I don't even think we have one although there are some nice victorians in town. My girlfriends house is from the 1700's, again no historical district. You'd also need a historical commission.
Again I'd recommend that CT take a page from mass with the community preservation act. it's a property tax surcharge matched by the state for local decisions on historical preservation, housing, open space and recreation.
In springfield they just created another historical district. Sometimes it slows work like the park st project. It created a six month delay and since it was largely dilapidated it was allowed to be demoed.
Once you have a historical commission and a historical district you can preserve it. I know a number of people on the boards in mass that fight for this every day.
People are moving to town to get a nice house on a large lot. Perhaps if these were town houses or condos or a 55+ community I could see the draw. But dropping $5k+ a month on an apartment in Wilton? I just don't see it.
In Trumbull one of the new apartments the rents are:
$1976-$2605 for 1 bed/1 bath
$2750-$3125 for a 2 bed/2 bath
There are no 3 bedrooms. The people in Trumbull won't let 3 bedroom apartments be built anymore and fight them. There is only one apartment complex (the old Avalon) that has some 3 bedrooms. https://www.trulia.com/c/ct/trumbull...11--2122156948
The rents are not that much different than Trumbull.
As far as i see Avalon and White Oaks, two luxury apartment complexes in Wilton, aren’t sitting vacant. What about divorced people? People with a kid or two who are only in the area for a year or two? Grandparents who want to live near their families but don’t want the responsibility of homeownership. You underestimate the market for these. Developers aren’t stupid you know. They do a lot of market research before they spend millions. Jay
That's right, many possibilities. Like the Avalon, I assume this is RT 7. Apparently there is still demand for apt rental housing in the area on well located central thorofares. The town is almost irrelevant.
As far as i see Avalon and White Oaks, two luxury apartment complexes in Wilton, aren’t sitting vacant. What about divorced people? People with a kid or two who are only in the area for a year or two? Grandparents who want to live near their families but don’t want the responsibility of homeownership. You underestimate the market for these. Developers aren’t stupid you know. They do a lot of market research before they spend millions. Jay
Yet before Covid it wasn't difficult to rent an apartment in either of those places - there were always vacancies. No doubt that the market is hot right now, but two to three years from now if and when this get completed? Who knows. Especially with almost 500 new apartments currently being proposed across 4 developments.
In Trumbull one of the new apartments the rents are:
$1976-$2605 for 1 bed/1 bath
$2750-$3125 for a 2 bed/2 bath
There are no 3 bedrooms. The people in Trumbull won't let 3 bedroom apartments be built anymore and fight them. There is only one apartment complex (the old Avalon) that has some 3 bedrooms. https://www.trulia.com/c/ct/trumbull...11--2122156948
The rents are not that much different than Trumbull.
I looked at the Avalon Wilton rents and marked them up about 10% for new construction. BUT, when I went back to the proposal, I noticed that the there are only 1-2 bedrooms in the development, so $5k is unlikely. My bad. Still, we are looking at rents of $3-4k+. That's a mortgage payment for a pretty decent house in town.
Yet before Covid it wasn't difficult to rent an apartment in either of those places - there were always vacancies. No doubt that the market is hot right now, but two to three years from now if and when this get completed? Who knows. Especially with almost 500 new apartments currently being proposed across 4 developments.
I looked at the Avalon Wilton rents and marked them up about 10% for new construction. BUT, when I went back to the proposal, I noticed that the there are only 1-2 bedrooms in the development, so $5k is unlikely. My bad. Still, we are looking at rents of $3-4k+. That's a mortgage payment for a pretty decent house in town.
The top rent in Wilton is $3200 for a 2 bedroom.
"I only see one apartment complex in Wilton and the rents are:
$2428 for 1 bed/1 bath
$2980-$3206 for 2 bed/2 bath"
Not everyone wants to buy a house for many different reasons. If you want a good school system or seniors who do not want a city it leaves little choices in southeastern CT. Apartments are the future.....at least that's what they tell us in Trumbull.
500 apartments are coming in Wilton? Trumbull will probably have about 1000 new apartments from 2020 to 2025. They are starting the new apartments at the mall this month and there will be about 300 going in there.
Yet before Covid it wasn't difficult to rent an apartment in either of those places - there were always vacancies. No doubt that the market is hot right now, but two to three years from now if and when this get completed? Who knows. Especially with almost 500 new apartments currently being proposed across 4 developments.
I looked at the Avalon Wilton rents and marked them up about 10% for new construction. BUT, when I went back to the proposal, I noticed that the there are only 1-2 bedrooms in the development, so $5k is unlikely. My bad. Still, we are looking at rents of $3-4k+. That's a mortgage payment for a pretty decent house in town.
It wasn’t difficult? I think you are wrong about that. Please provide some proof of that statement.
Once again, developers know their market long before they propose a project. They do extensive marketing research in order to arrange financing. These guys wouldn’t be proposing this if there was a glut in the Wilton market and they wouldn’t be proposing the high rents they are if they weren’t sure they could fill the apartments. Jay
It wasn’t difficult? I think you are wrong about that. Please provide some proof of that statement.
Once again, developers know their market long before they propose a project. They do extensive marketing research in order to arrange financing. These guys wouldn’t be proposing this if there was a glut in the Wilton market and they wouldn’t be proposing the high rents they are if they weren’t sure they could fill the apartments. Jay
It wasn't. I knew plenty of people who rode out their separation until the divorce was finalized in what is now White Oaks. Same with people doing gut renovations - they'd move there for a few months. House hunters too. Never heard of anyone having an issue getting an apartment there.
Not so sure I share your faith in the foresight of real estate developers.
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