To everyone’s surprise, one unintended consequence of COVID-19 has been a sizzling local real estate market.
Tucked into that surprise: A luxury condominium project that was given up for dead has roared back to life.
Bankside’s 12 units will rise soon on Wilton Avenue, at the site of the now-demolished Save the Children building. The design takes advantage of the Saugatuck River location. There is only one residence per floor — and stunning views.
Bankside began in 2013. David Waldman — the developer of Bedford Square, and many other local projects — joined with Greenfield Partners (whose offices are in nearby National Hall) to buy the Save the Children site.
Waldman and Greenfield hired Roger Ferris + Partners — the architectural firm that designed many new buildings on the river’s west bank — to bring their vision of a spectacular new development to life. It included a new office building, and a land swap to create a right-turn lane at the notorious Wilton Road/Post Road West bottleneck.
The office building was built — and has already been sold. But the 7-year residential slog included the town’s denial of the land swap, and a drying up of the luxury condo market.
A year ago Waldman, Greenfield and their investors were ready to sell that building site at a loss.
Then coronavirus struck. Suddenly the suburbs seemed more attractive than cities. The housing market changed dramatically.
Waldman found a new partner. He sold the land to Eric O’Brien — owner of the innovative New Haven building firm Urbane — but stayed on as part of the development group.
Work begins soon on Ferris’ design. Unlike most condos, 10 of the 12 units will share only floors and ceilings — no walls. Windows will look out on the river and downtown on one side, woods and hills on another. Patios of up to 800 square feet front the water.
Ten of the units are 2,500 square feet, including 2 bedrooms and a den. The other 2 units are 3,400 square feet, with 3 bedrooms. Prices range from $2.25 million to $4.25 million.
Completion is scheduled for spring of 2022. Click here for more details.