Former Healthcare HQ for Sale in Trumbull, Connecticut

A shovel-ready development site is up for grabs in Fairfield County, poised to become a senior living campus, if not something else.

An affiliate of Senior Living Development listed the property at 48 Monroe Turnpike in Trumbull, CT Insider reported. There’s no public asking price. The company is also open to remaining at the property and bringing in a partner to develop it.

Senior Living Development, controlled by the CEO of KindCare Assisted Living, purchased the property for $3.3 million in 2018. The most recent appraisal of the property came in at $3.9 million.

The 17.6-acre lot once served as a headquarters for Oxford Health Plans. That company was acquired by UnitedHealthcare, though, and administrative operations were moved to Shelton in 2015, making the 395,000-square-foot property all but obsolete.

There is already a plan in place to convert it into a senior living campus. Mark De Pecol, CEO of KindCare, told the Real Deal that approvals for the project are complete and unassailable.

As proposed, the Rivers Edge facility would have 193 units on 7.6 acres, according to materials on LoopNet, and include access to assisted living services. There would also be living quarters for residents with dementia and the possibility of converting a garage structure into a 10-acre, 146-unit community for active adults.

When Senior Living Development revealed its plans in 2018, the town estimated the conversion would cost $100 million.

Old Mine Associates, which owns the adjacent retail complex, filed a legal challenge against the project in state court. A judge ruled against the limited liability company and an appeal was unsuccessful.

Trumbull is in the midst of an apartment boom, which has included a handful of senior living communities. In January, the town renewed a moratorium on new apartments, although it has been unable to prevent people from getting older.

— Holden Walter-Warner