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Tag: The Ridge at Danbury
Absorption for Class A space in the Greenwich Central Business District market ended with positive 40,000 square feet for the quarter, while availability went from 15.2% last quarter to 14.2%, according to the latest Newmark Knight Frank report.
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.
Summit plans to repurpose the building by subdividing it into 700,000 square feet of Class A office space; 400,000 square feet of residential apartments; 100,000 square feet of conference and event space; and 100,000 square feet of core services and amenities.