Toll Brothers Inc., the residential and commercial real estate development giant, has purchased the Greyrock Cos.’ residential development site on River Road for $4.6 million. The closing date was Dec. 26.
According to Greg Kamedulski, division president for Toll Brothers in New England, construction could begin within the next few months, with a fully furnished model home available for inspection in the spring. The company would then be ready to take contracts for sale in May or June.
“This property has been on our radar screen for a while,” said Mr. Kamedulski, himself a Wilton resident since 1984. “Several months ago the owner came to us and asked if we were interested. We entered into negotiations and executed a purchase agreement.”
Toll Brothers will substantially continue with the site plan that was approved for 20 single-family homes, but the company will change the style of the homes. Three- and four-bedroom homes averaging 4,000 square feet in a Colonial style are planned, Mr. Kamedulski said. The company has not yet fixed a price range.
The property is being developed as a “planned development,” Mr. Kamedulski said, in which buyers will own the house but the surrounding property will be held in common ownership. There will be a homeowners’ association.
The building site, known as River Park Ridge at 127 River Road, has been owned by Greyrock Homes of Wilton. Jerry Effren, principal of Greyrock, halted construction on the project in July 2008. It was originally approved by the Planning and Zoning Commission in January 2007.
At the time, Mr. Effren cited the downturn in the economy as the reason for halting the project.
When asked about the current real estate climate for new construction, Mr. Kamedulski said, “I’m responsible for operations in New England. In Connecticut and Massachusetts we have communities that have been selling very well. We have not experienced any downturn in the real estate market.”
Toll Brothers has a presence in 20 states, building high-end single-family homes, carriage homes and town homes. Closer to home, the company has an 1,100-unit development in Danbury that will be a mix of town homes, apartments and single-family units. In Bethel, the company has 236 active adult town homes.
As for the River Road project, Mr. Kamedulski said there is already a waiting list of people interested in buying. For information, call 203-364-9300.