Proposed Apartment Project Hopes To Address Affordable Housing

GREENWICH, CT — On Friday, a development team made up of New York City-based SJP Properties and local developer Eagle Ventures submitted a pre-application to the Greenwich Planning & Zoning Commission for a proposed residential development just north of East Putnam Avenue between Church Street and Sherwood Place.

The proposal was submitted under Connecticut's 8-30g statute, which mandates that municipalities in Connecticut must have at least 10 percent of housing units be classified as affordable housing. Currently, Greenwich sits at around 5 percent.

According to a news release, the proposed building would comprise 192 residences with a mix of one, two and three bedroom layouts, as well as amenity space and multiple outdoor greenspaces.

"A preliminary concept for the building’s design is still in very early stages; the building is intended to be contextual, with an architectural design that will blend with the neighborhood, which is comprised of a mix of commercial and residential buildings," a news release from SJP Properties and Eagle Ventures said. "The proposed development by SJP and Eagle Ventures would be one of only a few new rental apartment buildings to be constructed in downtown Greenwich in the past decade."

J-Lofts, which consists of 65 residential units, opened in 2016, and The Mill, which has 59 units, opened recently.

SJP and Eagle Ventures believe the new proposed building will bring "more daytime foot traffic to the many shops and restaurants in downtown Greenwich, and will also help to meet another local demand: providing more accessibly priced housing options to the teachers, first responders and medical staff who work within the local community."

"We're committed to bringing a world-class residential development to downtown Greenwich. With very little new rental housing available to current and future residents of Greenwich, this building represents a unique opportunity for the town to meet the demand for quality apartments that offer modern amenities and finishes within walking distance of the town's shopping and dining district," said the development team from SJP and Eagle in a news release. "It will simultaneously provide premium, inclusive affordable housing that will help Greenwich make significant progress on its state-mandated affordable housing requirement."

The Town of Greenwich is currently in the process of trying to increase affordable housing across town. The Representative Town Meeting is set to discuss an affordable housing trust fund later this month.

The fund would come at no cost to the town. An 11-member board would oversee the fund, and allocate privately raised money to private developers to develop or purchase additional affordable units, renovate existing units, and potentially enhance the affordability of existing units. Town Comptroller, Pete Mynarski, would be the fiduciary custodian of the trust.

Earlier this summer, Bob Barolak, an alternate on the Planning & Zoning Commission, told the commission that injecting town funds would also help accelerate Greenwich's percentage of affordable housing units.

Representatives from Eagle Ventures and SJP Properties are expected to present their preliminary plan for the proposed development to the Planning and Zoning Commission this fall. Per Planning & Zoning rules, officials are only able to discuss the application in a meeting that has been noticed to the public.

SJP Properties has been around for 40 years, and is known for the creation of luxury residential and Class A commercial properties throughout the New York metropolitan area.

Eagle Ventures was founded in 2010 by Greenwich native James P. Cabrera. 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.