A developer has purchased 137 acres of land in Connecticut to build housing and commercial buildings.
A partnership led by real estate developer James Cormier bought the properties at 55 Winkler Road, 120 North Road, 173 North Road and two unnumbered North Road addresses, in East Windsor for $1.15 million, the Hartford Business Journal reported.
Cormier wants to build “reasonably affordable” housing with a mix of apartments, townhomes and single-family homes along with commercial buildings at the site, half of which is wetlands, the outlet reported.
Cormier said he met with town officials to discuss his partnership’s (another entity owns a 20 percent stake in the venture) plans.
Developers have been snapping up large parcels east of the Connecticut River over the past year.
In January, A Massachusetts developer, proposing to build two warehouses and two manufacturing centers, purchased from Pratt & Whitney 300 acres of land in East Hartford for $78.5 million, the Hartford Business Journal reported.
The plans call for warehouses of up to a combined 2.5 million square feet, and two research and development buildings.
National Development is expected to build out its Rentschler Field plan throughout this year, East Hartford Mayor Michael Walsh told the outlet. The company also agreed to pay a one-time $4 million payment directly to the town, the HBJ reported.
— Ted Glanzer