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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.