Danbury Road Developers to break ground on Litchfield Crossing with Kohl's as anchor tenant
Danbury Road Developers plan to break ground next month on Litchfield Crossings, located on Rte. 7 with Kohl's Department Store as the anchor retailer. Kohl's currently operates over 1,060 stores nationwide, has been ranked one of the top department stores by the National Retail Federation and will join existing tenants AT&T, Housatonic Internal Medicine & Pediatrics and Union Savings Bank.
"We are grateful to mayor Pat Murphy and the Town of New Milford for their dedicated support in helping us to bring this retail center to life. As in any project of this magnitude there have been challenges to overcome. The mayor and her team have been with us all the way in meeting those challenges head on. With the addition of Kohl's, we are confident that Litchfield Crossings will provide a much needed shopping destination for New Milford residents and the surrounding communities. We anticipate announcing other major retailers in the weeks and months to come," said Paul Scalzo, one of the principals of Danbury Road Developers, LLC which owns the shopping center.
New Milford Economic Development supervisor Vin Nolan said, "The signing of Kohl's to lead the next phase of development in this important project is exciting. Kohl's decision sends a positive signal to business throughout the region, that New Milford is prepared to lead the way out of the recent recession. This will not only create short-term and long-term employment opportunities for our citizens, but will add an estimated $750,000 of new tax revenue to the town once completed"
Litchfield Crossings is situated on approximately 40 acres with 30 acres zoned for retail, with 1,792 ft. of frontage on Rte. 7, and 12 acres zoned for industrial. Danbury Road Developers is comprised of multiple individual owners who have developed more than three million s/f of commercial and residential space in the N.Y. / Conn. Metro area.
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary