A groundbreaking ceremony for luxury apartments near the Westfield Trumbull mall took place on Oct. 15.
The $60 million Residences at Main project at 5085 Main St. will consist of five buildings containing a total of 196 two-bedroom and 64 one-bedroom units. Developers Garden Homes Development and Rose Equities expect the apartments to be ready for occupancy by fall of 2022.
According to Rose Equities, The Residences at Main will create a real property value of almost $50 million and personal property value of $7.3 million, which it said translates to approximately $1.2 million in real property tax.
Even after consideration of new municipal expenses and the cost to educate the estimated 27 school-age children anticipated to live in the community, the direct benefit to Trumbull will be nearly $900,000 of net positive municipal revenue generated, according to the company.
The project is located roughly half a mile from the mall at 5065 Main. Talks about adding apartments on the mall property itself have been ongoing for the past several years.
Garden Homes and Rose Equities are currently developing nearly 4,000 multifamily units together.
This page is available to subscribers. Click here to sign in or get access.