Newtown rezones 40 acres of industrial land to allow 170 age-restricted apartments for seniors

A Greenwich developer’s plans to build 170 age-restricted apartments for seniors on town-owned industrial land took an important step forward when Newtown agreed to rezone the property, clearing the way a final detailed review of the multimillion-dollar deal. Newtown in August reached a deal to sell the property to Teton Capital Co. of Old Greenwich to develop about eight acres with three- to four-story apartment buildings, and to preserve the rest of the land as open space. Newtown’s five-member Planning and Zoning Commission gave its unanimous backing for the zone change, clearing the way for Teton to submit a detailed site plan, when issues such as traffic, safety and aesthetics will be debated. Depending on the number of apartments approved, the sale would bring Newtown between $3 million and $4 million.

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