Affluent Connecticut Town at Odds With Affordable Housing Proposal – NMP Skip to main content

Affluent Connecticut Town at Odds With Affordable Housing Proposal

Phil Hall
Feb 20, 2015

One of the most exclusive and expensive residential communities in the Northeast is facing a challenge over the proposed construction of a high-rise multifamily complex.

Westport, Conn., is now facing the possibility of a five-story, 200-unit housing complex on the site of the Westport Inn, a two-story hotel that has been a fixture of the town for years. Thirty percent of the units in the new complex would be set aside for affordable housing, which is in short supply in Westport—the project’s developer, 1595 Post Equities LLC, stated that the town’s affordable housing level is only 2.75 percent. In 2011, Forbes Magazine ranked Westport as the nation’s 10th most affluent neighborhood, with a median household income of $147,391.

The Westport News reports that the proposal for the new multifamily complex was initially filed with local zoning officials, only to be withdrawn and then filed under Connecticut’s 8-30g statute, which allows a developer to exceed local zoning regulations if a municipality’s affordable housing inventory was less than 10 percent of all housing units. This stature also places a burden of responsibility on local zoning officials to justify a rejection of this type of project.

The proposed complex is being fought by a group called Westport United, which has an online petition that has attracted 1,400 supporters.

"Westport United is not against affordable housing or responsible development—however this project would overwhelm the community and put incredible pressure on schools, traffic, emergency response, and life safety; resulting in significant public health and safety concerns," said the group on its petition site.

But Sheldon Stein, who bought the Westport Inn site in October 2007 and had initially pledged to keep the hotel operational, insisted that the project made economic sense.

"The size is bigger, but the traffic and use are comparable with what's there - there would not be a significant difference," Stein said. "Many people have called me and think this is a good idea because there is a tremendous demand for housing in town, especially for teachers and firefighters and seniors—who are downsizing and want to stay in town."

Published
Feb 20, 2015
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022
Guild Mortgage Names VP Of Marketplace Diversity Strategy

Guild Mortgage named Victoria Garcia DeLuca as the company's vice president of marketplace diversity strategy, which is aimed at increasing homeownership among minorities and underserved markets.

Industry News
Jan 25, 2022
Deephaven Introduces Jumbo-Prime Loans

Non-agency/non-QM Deephaven Mortgage announced a new jumbo-prime loan product, as it looks to help mortgage banks and brokers compete for high-net-worth borrowers.

Jumbo
Jan 25, 2022
Rocket Mortgage Brokers Now Backed By A Crew Of Experts

Every broker partner with the company will have direct access to a small, dedicated team of mortgage experts to answer their loan questions.

Industry News
Jan 24, 2022
Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

So far, up to 11 people have plead guilty in Federal Court to the multi-year mortgage fraud scheme, which netted more than $21 million in fraudulent mortgage loans.

Industry News
Jan 24, 2022