By Anne White
A joint venture between New York City-based SJP Properties and local developer Eagle Ventures may result in a new option for renters in downtown Greenwich – one that is needed. As the rental market soars in price and inventory shrinks, some renters are having difficulty finding a place to call home.
Eagle Ventures is a local family office founded in 2010 by Greenwich native James Cabrera. Cabrera is an active member of the local community and former chairman of the local YMCA as well as the Greenwich High School Sports Foundation.
His development team has submitted a pre-application for a proposed residential development just north of East Putnam Avenue between Church Street and Sherwood Place to the Planning and Zoning Commission (P&Z).
The proposal was submitted under Connecticut’s 8-30g statute because it will designate thirty percent of the residential units as local affordable housing.
The 8-30g statute is intended to promote an increase in the availability of new high-quality and accessible community housing — particularly in towns like Greenwich, which currently fall short of the state’s requirement of ten percent of existing housing set aside as affordable.
The proposed building would contain 192 residences with a mix of one, two and three bedroom layouts as well as outdoor green space. A preliminary concept for the building’s design is still in very early stages but the initial rendering has been released and is shown above.
The building is intended to blend with the neighborhood, which is comprised of a mix of commercial and residential buildings.
Representatives from Eagle Ventures and SJP Properties are expected to present their preliminary plan for the proposed development to P&Z this fall. If approved, they say the development works towards increasing inventory for young professionals and families and empty nesters.
Upon completion, the development will create a mixed use area with more foot traffic for local shops and restaurants downtown. Housing will be conveniently located near police headquarters, the hospital, and local schools making it ideal for teachers and first responders.
Recent multifamily developments specifically for the rental market include J-Lofts, which opened in 2016 with 65 residential units, and The Mill, which has 59 apartments. Both developments have been well received, attracting a wide demographic.
According to the development team, if approved the new building would take approximately 24 months to complete.
