Fairfield Metro Development Site Sold To New Jersey Company

FAIRFIELD, CT — The long-delayed development site at the Fairfield Metro Center, called The Crossings, has been sold to New Jersey-based development company Accurate, the firm announced.

The site, which is 23.88 acres, is approved for 357 apartments, a 118-room hotel, 70,000 square feet of office space, and 40,000 square feet of retail space.

Remediation work at the site, which was home to a metal foundry, was completed years ago.

Financial terms of the deal were not disclosed. CBRE Group, Inc. represented the sellers Blackrock Realty, LLC.

Below is the full Accurate announcement:

Accurate, one of New Jersey’s premier developers of residential, commercial, and mixed-use properties, announced today its acquisition of The Crossings at Fairfield Metro, a fully approved, mixed-use development site at the Metro North train station in Fairfield, Connecticut.

The transit-oriented project will be developed on a 23.88-acre parcel adjacent to the Metro North train station, with frontage on Ash Creek providing access to the Long Island Sound. Approvals are in place for 357 apartments, a 118-key hotel, 70,000 sq. ft. of office and 40,000 sq. ft. of retail space. The location is bordered by open space with walking trails and within walking distance to restaurant row in Black Rock and the nearby Whole Foods and CVS anchored shopping center. The highly affluent town of Fairfield benefits from expanding enrollment at Sacred Heart University and Fairfield University.

The new acquisition reflects Accurate’s ongoing commitment to playing a vital role in transforming neighborhoods and enhancing the lives of residents in markets with strong underlying fundamentals. The deal follows the developer’s recent announcement of its expansion into the urban Philadelphia market with plans for three new residential projects in prime locations, including the city’s historic Northern Liberties neighborhood and flourishing University City.

“We are delighted to expand our development footprint throughout the northeast with this well-located site in Fairfield, Connecticut,” said Jack Klugmann, President and CEO of Accurate, one of the region’s fastest growing development companies. “With direct access to public rail service and proximity to community amenities and services, the property is ideally suited for a modern, mixed-use development that creates a well-balanced destination and becomes a center point for community life.”

The CBRE team of Louis Zuckerman, Patrick Colwell and Jeffrey Dunne represented the seller of the site, Blackrock Realty, LLC, while also procuring Accurate as the buyer.

CBRE’s Louis Zuckerman said, “This property location is incomparable to virtually any development in Fairfield County, and the developers are seasoned professionals that recognized the irreplaceable value of the property. The Crossings at Fairfield Metro will boast a large residential community mixed with multiple commercial buildings, providing direct access to the Fairfield Metro Train Station platform.”

CBRE’s Jeffrey Dunne added, “The property is a fabulous train-centric site that is highly walkable to retailers including Whole Foods, BJ’s, CVS, Chipotle, and many other restaurants. New ownership should fare well in lease up given the property’s compelling location and nearby amenities.”