Cross Street Portfolio / Development 9 Properties Offered at $40,000,000 in New Canaan, CT
INVESTMENT HIGHLIGHTS
- This portfolio of properties is extremely rare to New Canaan CT. Downtown and available all together.
- Per the 2000 Census, the median income for a household in the town was $141,788, and the median income for a family was $175,331.
EXECUTIVE SUMMARY
Cross and Viti Street revitalization project.
The first phase focuses on redevelopment of the streetscape by installing continuous sidewalks, trees and landscaping, with parallel on-street parking. This “clean & green” approach will also encourage landowners to work together to connect parking areas across lot lines and con¬solidate driveways and curb cuts which currently take up much of the street frontage.
The second phase of redevelopment is illustrat¬ed as a “twenty-year vision.” In this scenario the best existing buildings could remain, but less valuable structures would be replaced over time by new mixed use buildings. These would be designed to have retail and other active uses on the ground floor, with offices and residences on upper stories. By placing new buildings close to the sidewalk and allowing for a modest increase in height, space for larger shared parking lots can be retained in the rear of buildings. Shared driveways would reduce conflicts with pedestri¬ans, while alleys - and possibly new street con¬nections - would facilitate vehicular circulation between adjoining lots.
Silvestro PropertiesThe properties that are being put forward as a package include the following:
Building Lots Buildings Building SF Lot Size (Acre)
21 Cross 2 1 6985 0.25
22 Cross (24,26) 1 1 1650 0.32
24 Cross 1 0 0
26 Cross 1 1 1342
32 Cross 1 1 4640 0.14
34 Cross 1 1 1381 0.12
35 Cross 1 1 2028 0.24
39 Cross 1 1 2684 0.12
179 Cherry 1 1 6284 0.13
Cherry Lot 1 0 0 0.12
22 Vitti 2 1 4832 0.24
Totals
1. 13 building parcels in downtown New Canaan that localized on Cross and Vitti Streets
2. Currently 9 buildings reside on the 13 lots
3. Total of 32000 SQFT of office and commercial space
4. 1.7 Acres in downtown area
New Canaan CT is considered part of Connecticut's Gold Coast and is known for its public school system, its wide range of architecture from the Harvard Five modern homes to historic New England colonials and farmhouses, as well as a signature town center with premiere shopping, classic boutiques, and an elaborate display of lights for the Holidays. Residents carol on Church Hill every Christmas Eve, a town tradition since 1916.
The first phase focuses on redevelopment of the streetscape by installing continuous sidewalks, trees and landscaping, with parallel on-street parking. This “clean & green” approach will also encourage landowners to work together to connect parking areas across lot lines and con¬solidate driveways and curb cuts which currently take up much of the street frontage.
The second phase of redevelopment is illustrat¬ed as a “twenty-year vision.” In this scenario the best existing buildings could remain, but less valuable structures would be replaced over time by new mixed use buildings. These would be designed to have retail and other active uses on the ground floor, with offices and residences on upper stories. By placing new buildings close to the sidewalk and allowing for a modest increase in height, space for larger shared parking lots can be retained in the rear of buildings. Shared driveways would reduce conflicts with pedestri¬ans, while alleys - and possibly new street con¬nections - would facilitate vehicular circulation between adjoining lots.
Silvestro PropertiesThe properties that are being put forward as a package include the following:
Building Lots Buildings Building SF Lot Size (Acre)
21 Cross 2 1 6985 0.25
22 Cross (24,26) 1 1 1650 0.32
24 Cross 1 0 0
26 Cross 1 1 1342
32 Cross 1 1 4640 0.14
34 Cross 1 1 1381 0.12
35 Cross 1 1 2028 0.24
39 Cross 1 1 2684 0.12
179 Cherry 1 1 6284 0.13
Cherry Lot 1 0 0 0.12
22 Vitti 2 1 4832 0.24
Totals
1. 13 building parcels in downtown New Canaan that localized on Cross and Vitti Streets
2. Currently 9 buildings reside on the 13 lots
3. Total of 32000 SQFT of office and commercial space
4. 1.7 Acres in downtown area
New Canaan CT is considered part of Connecticut's Gold Coast and is known for its public school system, its wide range of architecture from the Harvard Five modern homes to historic New England colonials and farmhouses, as well as a signature town center with premiere shopping, classic boutiques, and an elaborate display of lights for the Holidays. Residents carol on Church Hill every Christmas Eve, a town tradition since 1916.
PROPERTY FACTS
| Price | $40,000,000 |
| Price / SF | $1,151 / SF |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 9 |
| Individually For Sale | 1 |
| Total Building Size | 34,746 SF |
| Total Land Area | 2.57 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 21 Cross St, New Canaan, CT 06840 | Office | 6,903 SF | 1986 | - |
| 35 Cross St, New Canaan, CT 06840 | Retail | 4,008 SF | 1963 | - |
| 179 Cherry St, New Canaan, CT 06840 | Office | 6,284 SF | 1936 | - |
| 39 Cross St, New Canaan, CT 06840 | Retail | 4,000 SF | 1978 | - |
|
Enterprise Rent-A-Car
32 Cross St, New Canaan, CT 06840 |
Retail | 1,760 SF | 1961 | - |
| 26 Cross St, New Canaan, CT 06840 | Retail | 1,350 SF | 1954 | - |
| 22 Vitti St, New Canaan, CT 06840 | Office | 7,341 SF | 1951 | $5,195,000 |
| 34 Cross St, New Canaan, CT 06840 | Industrial | 1,400 SF | 1962 | - |
| 22 Cross St, New Canaan, CT 06840 | Industrial | 1,700 SF | 1956 | - |
