It was just months ago when ; the developer's inability to secure funding causing the deal to fall through.
This week, a new proposal for the development of the property on Mechanic Street was received with optimism as members of the Windsor Redevelopment Agency listened to a presentation delivered by Lexington Partners, LLC, a Hartford-based commercial real estate firm that has proposed 130 apartment units behind town hall.
Before agency members, Town Manager Peter Souza and Economic Development Director Jim Burke, Lexington Parterns owner Martin Kenney said he intends to develop the property, which is situated on land that includes the current dog pound, into an all-residential apartment complex, with a build-out date of November 2014.
Plans for the complex, which is being called "Olde Windsor Station," include two four-story buildings of two-bedroom, one-bedroom and a small number of studio apartments.
According to current plans, two-bedroom apartments, which would include 1,150 square feet of space, would rent for roughly $1,600 to $2,000 per month.
One bedroom units (750 square feet) and studio apartments would rent for about $1,150 to $1,600 and $950 to $1,150, respectively.
Kenney made a pitch to the town for the development of this property, which the town is eager to incorporate into the development of the rail station and Windsor Center as a whole, two years ago, but his company lost out to Upton+Partners.
Despite receiving approval from all town boards and commissions, the Upton group's project fell through when it failed to secure funding.
But the market is different now, Kenney told agency members Tuesday.
"The demand for new quality rental properties is as high as I have seen in 35 years of being in this business," Kenney said.
"We are seeing a fundamental change in the renter demographic," Kenney continued, explaining that individuals and families are now renting by choice rather than out of necessity, which has increased the number of people seeking quality rental properties, and has contributed to healthy rates for the quality housing.
Kenney supported his claim of a healthy marketplace with evidence of two properties owned by his company in Glastonbury and Hartford that are fully-leased and have waiting lists.
Lexington Partners is also breaking ground on a rental-property project in Bloomfield in September.
Agency members asked Kenney and his colleagues to return with a plan that includes more specific details about the building's design, and it will take a look at whether or not the project is a good fit for the town in the coming weeks.
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