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"The Nuvance lease will bring office space occupancy to 80%, and with their proposed further expansion we will be at 100%," says project manager Michael Basile.
Now known as The Summit at Danbury, the complex at 39 Old Ridgebury Road will ultimately consist of 700,000 square feet of Class A office space; 75,000 square feet of conference and event space; 30,000 square feet of core services and amenities; and, it is hoped, 400,000 square feet of residential apartments.
While the county's commercial space vacancy stands at 26.7% -- and is expected to drop to 23.5% next year -- that still compares unfavorably with the nationwide rate of 12.2%.
Mayor Mark Boughton credits a solid budget, the addition of 900 new businesses last year, and no tax increase as reasons to be cheerful; the nine-term mayor's November opponent maintains that "we need a new vision going forward.”
According to the firm’s fourth quarter report, after recording moderate gains in each quarter of 2017, the county’s office market gradually gave back those advances in 2018.
In addition to the big splash it made last October with the $17 million acquisition of Danbury's Matrix Corporate Center, the Southport developer is working on several other high-profile projects.
“We’re moving forward on a number of fronts, collaborating with everyone from the mayor’s office and zoning to commercial and retail developers,” says Betsy Paynter, executive director of CityCenter Danbury.
Law firm Chipman, Mazzucco, Land & Pennarola has already signed a lease at another Danbury location.