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. The 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 Greenwich Planning and Zoning Commission (P&Z).
The proposal was submitted under Connecticut’s 8-30g statute because the development will designate 30 percent of the residential units as 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 such as Greenwich, which falls significantly short of the state’s requirement that 10 percent of existing housing be set aside as affordable.
The proposed building would comprise 192 residences with a mix of one, two and three bedroom layouts as well as outdoor greenspaces. A preliminary concept for the building’s design is still in very early stages but the initial rendering has been released. The building is intended to blend with the neighborhood, which is comprised of a mix of commercial and residential buildings (see rendering above).
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, the development works towards increasing inventory for the town’s rental market, which currently has more demand by young professionals and families and empty nesters than it has units available.
Upon completion, the development will create a mixed use area with more foot traffic for local shops and restaurants downtown. Housing will also be conveniently located near police headquarters, the hospital, and local schools making it ideal for teachers and first responders.
Founded in 2010 by Greenwich native James P. Cabrera, Eagle Ventures is a family office with over 25 years of local commercial and residential real estate ownership, development and management experience. Mr. Cabrera is an active member of the local community, having served as the chairman of the YMCA and the Greenwich High School Sports Foundation, and on the board of multiple other local non-profit organizations.
NOTE: THIS WAS RE-WRITTEN FROM A PRESS RELEASE AND NOT BY A SENTINEL REPORTER
