Town of Wethersfield Development-The Borden
Upon the request of the Town of Wethersfield and through a memorandum of understanding, the Capital Region Development Authority, (CRDA) agreed to administer funds for a housing development that will turn dormant property into tax-generating real estate. CRDA was awarded an Urban Act Grant by the Connecticut Office of Policy and Management, (OPM) for $5 million to assist with the development of commercial space and the redevelopment of 1.83 acres of blighted land located at 1160 and 1178 Silas Deane Highway. Also, as part of the agreement, CRDA will assure the developer is working in compliance with the approved plans and specifications as well as within the town’s regulations and requirements.
Lexington Partners, LLC is the developer and the total cost is estimated at roughly $28 million. The first part of the project entails the demolition of an existing structure on 1178 Silas Deane Highway. The Fun Zone was built back in 1995 on the site of the former Borden Dairy Farm. It was an amusement center for the town, but has been vacant 15 years. The building at 1160, which was a bank and other business offices will be converted into apartment units while new construction will be on the site of the former Fun Zone. The completed development will have 150 market-rate apartments with a total of 18,425 sq. ft. of commercial/retail. Half of the $5 million is a grant used by the developer for the demolition of the existing commercial building. The remaining $2.5 million is a loan to the developer to assist in the cost of the construction of the apartments.
Unit Mix: 1178 Silas Deane
16: Studio 56: One-bedroom 35: Two-bedroom 4: Three-bedroom
Unit Mix: 1160 Silas Deane
24: Studio 15: One-bedroom
The Borden is now leasing. Visit liveborden.com for a virtual tour of the units or call 860.500.7686 for information on renting.