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New Jersey Developer Buys Fairfield Metro Development Site

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Precise CEO Jack Krugman and Metro-North Railroad Station in Fairfield, Connecticut (exactly via Robert Motel / Wikimedia Commons, iStock)

The sluggish development project next to Fairfield’s Metro-North Railroad station is ready to launch behind the next developer.

Accurate, a New Jersey-based developer, purchased the site for The Crossings at Fairfield Metro. CT Insider reported.. BlackRockRealty was the seller of the development site. The transaction price has not been disclosed.

With 24 acres of grounds, Ashcreek has a frontage and approval, you don’t have to start Accurate from scratch. The site is approved for 357 apartments, 118 hotel rooms, 70,000 square feet of office space, and 40,000 square feet of retail space.

CBRE’s Louis Zuckerman was part of a team representing sellers.

Mark Burnhart, director of the Department of Community Economic Development, said the city has been working with Accurate for some time and expects construction to begin in the coming weeks. Barnhart also said the developers are considering some changes to the site plan.

Planning for this site has been underway for over a decade. Originally planned for 1 million square feet, this development was first proposed in 2005 and included primarily office space, retail stores and hotel space.

Developers wanted to pre-lease much of their office space, which was complicated by the 2008 financial crisis. As a result, BlackRock amended the plan to include 197 five-story apartments in the plan.

As the project remained dormant, BlackRock transferred control to its partner, Enclave Equities. Enclave secured site approval for the project, but never started construction.

Last year is accurate Approved For a project at the Passaic waterfront site that the deceased Newark Bears baseball team once played.

The proposed 11 complex will eventually have 4,200 residential units, 3,000 parking spaces, wellness and collaborative equipment, and 100,000 square feet of commercial, divided into office suites, retail spaces, dining and hotels. Contains spaces.

[CT Insider] — Holden Walter-Warner

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