Summerview nearing completion

After roughly three years of phased construction, Summerview Development Group L.L.C. of Wilton has begun construction on the last 10 buildings of its 63-unit townhouse community in Norwalk.
The development has been well received by the community and supported by city officials. More than 60 community members, including Norwalk Mayor Richard A. Moccia, were expected to attend the development”™s “topping off” ceremony Sept. 13.
“Topping off” is a tradition in which construction workers hoist a flag at the top of the completed structure to signify that the ending phases of construction are in effect. All of construction is expected to be finished in the fall of 2013.
Though the development group is already planning its party for when they”™ve completely finished, the group isn”™t planning any final goodbye parties.
“We”™re looking to expand our presence in the city of Norwalk, both from a development side and construction management side,” said Andrew LaSala, Jr., Summerview director of development. “We”™re getting encouraging feedback from the city. This has really been a great story.”
Before the privately funded development project began, many of the scattered buildings and homes in the neighborhood were old and abandoned. Now the neighborhood is filled with brand-new, moderately priced, energy-efficient homes. Additionally, the retail community surrounding the homes has blossomed with remodeled, new and expanded businesses.
Each of the four phases of townhomes is designed in a different style, emulating the buildings that previously stood on the same ground. The final fourth construction phase includes 32 units.
“This is the kind of place where I feel lucky to come to work everyday because of the support,” LaSala said. “A lot of places you work, there”™s a lot of opposition.”
The rental rate for a townhouse in Summerview Square ranges from $1,500 for a one bedroom to $2,700 for a three-bedroom home. When units are vacated, it takes two to three days to rent them. Because of the steady demand, the development has been able to raise rent 20 percent since opening its first phase in the summer of 2010.
But the development”™s success isn”™t unusual for rental units right now. Nationally, apartment vacancies dipped below 5 percent for the third time in more than 30 years in the second quarter of 2012, according to real estate research firm Reis. Additionally, home prices in Connecticut have fallen 16.1 percent over the last five years, making transient employees in the area more likely to rent than saddle themselves with a home that might depreciate in value.
In fact, the average household income for the units is $100,000, with several renters”™ incomes over $200,000. The residents of the community include three young GE executives sharing a townhouse, a hedge fund executive who commutes to New Hampshire on the weekends and a Dunkin”™ Donuts IT manager.
“It”™s like living in your own home and a lot of people are hesitant to buy a house right now because of the nature of the market in Fairfield County,” LaSala said. “It”™s been a great story that demonstrates how investing in a community can revitalize a whole part of a town.