Hartford Business Journal

www.HartfordBusiness.com • June 15, 2020 • Hartford Business Journal 3 Up Front Granby is becoming an apartment-development hot spot By Greg Bordonaro gbordonaro@hartfordbusiness.com N ew apartment development has swept through Greater Hartford in recent years, with much of the activity occurring in more densely populated cities and suburbs. But rural communities are also getting in on the action. The town of Granby -- known for its open space, farmland and hiking trails -- has become an apartment-development hot spot in recent years with nearly 400 rental units that have either come online, or are in the planning pipeline. The latest project to debut was the 130-unit The Grand at Ridgewood, which includes five luxury apartment buildings that opened in phases starting in Dec. 2018. The last 26-unit building came online in April and im- mediately drew investor interest. In fact, The Grand at Ridge- wood, which was developed by Danbury-based Upstream Prop- erties LLC and consists of one-, two- and three- bedroom units, sold May 29 for $33.3 million, or $256,000 per unit, according to Bradley Balletto of Northeast Private Client Group, who brokered the deal. The buyer was Krown Point Capital, a joint venture between Fairfield-based Connecticut Realty Trust and Jonis Realty of New York, Balletto said. Now the town of Granby is mov- ing forward with its largest-ever apartment development: Station 280 — a $50-million, 235-unit project at 276 and 280 Salmon Brook St., that recently received town approval and will be built within the town center. "There's really been a lack of apartment development in Granby until this point," said Abigail Kenyon, the town's community development director. "I think there is a desire from younger folks who don't neces- sarily want the responsibility of owning a home and like the lifestyle Granby has to offer. The developers are looking to fill a need." The project leads are homebuilder Jonathan Vosburgh, of Roswell Devel- opment LLC, and Eric Brown, former- ly of KBE Building Corp., who bought the land in April for $1.5 million. Vosburgh said there is no con- struction timeline yet because the project is still in the planning stages. Station 280's current plans call for the market-rate studio, one-, two- and three-bedroom apartments to be built in seven different buildings that would be phased in over time. Vosburgh said he modeled the proj- ect after the successful Heirloom Flats development in Bloomfield, a 215-unit luxury project that debuted in 2018, leased up quickly and was sold in Jan. 2019 for $61 million. That means there will be plenty of amenities, including a 7,000-square- foot community center that will include a gym; media, game, yoga and mail rooms; and a virtual golf simulator. There will also be a pool, pavilion and dog park for residents. The goal is to create a community atmosphere that allows residents to interact with each other, said Vosburgh, who added the targeted de- mographics are young professionals and aging Baby Boomers looking to downsize and cede home-repair and other maintenance responsibilities. Continued on page 4 >> TOWN PROFILE: GRANBY SINGLE SOURCE DESIGN/BUILD EFFICIENT. QUALITY. COST-EFFECIVE. The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to provide sustainable, more efficient, greener facilities. Experts in: Design/Build, Pre-Construction Service LEED Capabilities 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-0125666 S1-302974 P1-203519 F1-10498 SM1-192 MC-1134 NEMSI HBJ_QtrPg Ads_200117.indd 2 1/17/20 1:31 PM A rendering of the planned Station 280 apartment complex in Granby, which will feature 235 market-rate apartments and plenty of amenities, including a courtyard and pool. RENDERING | CONTRIBUTED RENDERING | CONTRIBUTED An aerial view of the The Grand at Ridgewood apartments in Granby, which recently sold for $33.3 million.

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