Toll Brothers JV to Develop Luxury Connecticut Project
Wells Fargo and TD Bank provided $136 million in construction financing.
Toll Brothers Apartment Living and Harris Realty Co. have entered a joint venture to develop Piper, a 393-unit luxury multifamily community in Norwalk, Conn. The project is financed through a $136 million construction loan from Wells Fargo and TD Bank secured through Toll Brothers’ internal finance department.
The six-story property is slated to comprise 356 market-rate units along with 37 affordable ones, as well as a garage encompassing 589 parking spaces and EV charging stations. It will also incorporate about 24,000 square feet of ground-floor retail. Community amenities will include a fitness center, swimming pool, rooftop deck, coworking space and wine room, along with an indoor pet run and spa.
Located at 467 West Ave., the development site is in an Opportunity Zone. It is situated close to major roads such as Intestate 95 and Highway 7, and about 48 miles from New York. It is also roughly 1 mile from the South Norwalk Railroad Station, providing public transport access to New York City. Surrounding the property are numerous retail, dining and entertainment options.
Toll Brothers President John McCullough stated in prepared remarks that Piper is the firm’s second project in the southeastern Connecticut corridor, emphasizing the company’s strategy of developing luxury assets across the Northeast. Senior Vice President Fred Cooper added that this community is also the developer’s fourth project in Opportunity Zones across the nation. Recently, Toll Brothers broke ground on a 13-story mixed-use property in Washington, D.C.