Hartford Business Journal

9 HARTFORDBUSINESS.COM | March 14, 2022 DEAL WATCH More development sought for Cheshire's north end By Michael Puffer mpuffer@hartfordbusiness.com A special tax district enabling Cheshire to reimburse up to $7 million of infrastructure costs for the mixed-use Stone Bridge Crossing development covers a lot more than that project's 107 acres. In 2019, the Cheshire Town Council adopted a 329-acre Interchange Zone Tax Increment Financing (TIF) District, which has its center at the intersection of Interstate 691 and Route 10. Now, Cheshire is negotiating with the state of Connecticut to acquire 58 acres of state-owned land in the TIF district. Cheshire Economic Development Director Andrew Martelli said the details of the agreement are largely settled. Cheshire would pay $1,000 to cover legal costs of the transfer and would be required to develop the property within five years. The state would get the proceeds of any sale, minus town expenses toward securing development. The state would also get to sign off on development plans, Martelli said. The town benefits from newly- generated tax revenue. If Cheshire's Town Council agrees, the town would use a request-for-proposal process to identify a developer. The addition of sewer and water connections to the neighboring Stone Bridge Crossing project will greatly ease the addition of water and sewer to the 58-acre parcel, Martelli noted. order. Tri-star and Miller Napolitano Wolff are close to securing a residential developer interested in building out the first phase, Martelli said. He has yet to hear of confirmed builders for other phases. Attempts to reach representatives of the landowners were unsuccessful. Matthew S. Gilchrist, co-owner of Southbury-based EG Homes, said he expects to shortly finalize the purchase of a 27-acre portion on the Stone Bridge Crossing property, then in April begin preparations for high-end duplexes and four-unit townhomes. Gilchrist said dwellings will be built to order, likely 24 to 30 per year. He expects to begin selling sites in June or July. The homes would be ready for occupancy in early 2023. "We are a conservative builder and don't build a lot on spec," Gilchrist said. "We build to customers' wants and needs as they come through the door." With infrastructure work underway, Martelli said he is confident of the development's prospects, despite the long history of failed proposals that stretch back to the 1980s, including for a mall and shopping outlets. "It's almost been a reality so many times, I'm almost holding my breath," Martelli said. Goman+York Property Advisors, which produced a feasibility study for the landowners, estimated the final proposal will add $167.8 million in market value, yielding about $3.9 million in annual property taxes. Even after factoring in education costs for children of new residents, as well as other municipal services, the town will still gain $1.6 million in annual new taxes, as well as $251,972 from new motor vehicle taxes, Goman+York estimated. New businesses on-site would create 468 jobs, according to the consultant. Cheshire Town Council member Tim Slocum said the town needs new housing stock and development to remain vibrant. "A place with growth is a positive place and Cheshire is a positive place in general," Slocum said. "The bottom line is nothing would have happened without the infrastructure development." 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

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