Overview

Description

Plans, Approvals, and Land for fully approved 109 units four-story residential complex on beautiful Lake Lillinonah. This project consists of 58 one-bedroom and 51 two-bedroom units, for which market rental rates of $1,850 for 2 BDRM and $1,450 for 1 BDRM have been used to develop proforma. By adding ancillary income for parking, etc., the total income is projected to be approximately $2.2 million annually. The total cost of the project including land is estimated to be in the low $20 million range. Town encourages submission of tax abatement, which can now be up to 10 years in CT.

One-of-a-kind opportunity to create highly desirable living space by taking advantage of an irreplaceable location on the Housatonic River at the head of Lake Lillinonah. Close to New Milford town green and adjacent to existing marina/office bldg.

Highlights

• All apartments are market rate. (no affordable housing requirements)
• 4-stories on 3.75 acres
• Adjacent to the Housatonic River (at the head of Lake Lillinonah)
• Approved marina slips for all apartments - for boating, fishing, rowing, and kayaking.
• Ideal for a second home and recreational area for New York residents
• Potential for a roof terrace with outstanding views
• This project consists of 58 one-bedroom and 51 two-bedroom apartment units
• Within walking distance to downtown New Milford. This is considered one of the most attractive downtowns and greens in Connecticut. The site is adjacent to the proposed New Milford River Trail for biking and pedestrians
• There may be an opportunity to apply for a tax abatement

Documents

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