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The new building, to be called Admiral Halsey Senior Village II, will be built on undeveloped land within the Admiral Halsey property, and add 24 studios and 48 one-bedroom apartments.
This is the second property under the company's luxury Inspīr imprint.
The property is part of a 41-acre area, 27 acres of which have been preserved as open space.
The developer still needs to pursue site plan approval and obtain various permits for the project.
This is the company's ninth Connecticut community.
The new three-story development will provide 55 affordable one-bedroom apartment rentals.
General Electric Capital acquired the property in 1995 and sold it 10 years later for $17 million.
The company also operates two facilities in Stamford.
A developer has filed plans to demolish a mostly vacant office building at 900 King St. in Rye Brook and build a 269-unit senior housing campus with age-restricted townhouses and apartments and an assisted living facility.
The 48-unit Summer Place Senior Housing replaces the Czescik Houses.
The complex at 120 Old Post Road will offer concierge services, a fitness center and swimming pool, among other amenities.