Vivian Dr - High Point - Multifamily Housing Development 8.9 Acres of Residential Land Offered at $1,731,574 CAD in Waterbury, CT 06705

Zoning: The property is situated in an RM Zone [Residential Moderate Density] District. Among other uses, the Zone permits multifamily residential development at a density of 24.0 Units / Acre. Building in the RM district cannot exceed 12 Units per building and each unit requires 1.5 parking spaces. Prior site approval allows for 106 Apartments in 13 Building. 8-30g is not applicable to development in Waterbury.
• Utilities: Public Water, Public Sewer and Public Storm water are Available on Vivian Drive, Thornhill Circle & Village Wood Drive. The area has access to High-Speed Internet Service. Ct Transit has bus service on Scott Road. The site is readily accessible to I-84Ct Rte. 8; Ct Rte. 69. Waterbury Metro North Train Service is a 10 Minute Drive
• Market: Waterbury Vacancy Rate is 3.6%. CoStar reports a market vacancy rate of 3.6 % with no new deliveries in the last 12 Month. There has been limited Multifamily development activity in Waterbury over the last 5 Years. Vacant Rate for 4-5 Star properties in Market are reported at 2.0 %. Rent Growth for 4-5 Star properties is projected to be 2.2%.
• Housing Demographics: Population as of 2023 DECD profile was 114,356. The Waterbury Plan of Conservation and Development states that population grew to 115,908 at the end of 2024. There are 50,577 Housing Units in Waterbury a 1/3 of which were built prior to 1940.