$1,850,000

The Hampton Woods Subdivision is a 63.21-acre site in East Hampton, Connecticut, approved for a 253-unit townhouse condominium development, utilizing the town's HOD (Housing Opportunity Development) zone regulations, which adhere to affordability requirements of the Connecticut 8-30g affordable housing statutes. Under provisions of the statute, 30 % of the units must be restricted as affordable. A total of 15% of the units must be restricted as affordable to households making less than 80% of the area median income (AMI) and 15% of the units must be restricted as affordable to households making less than 60% of AMI. With 446.50 feet of frontage on East High Street (Route 66) and 578.84 feet of frontage on Bear Swamp Road, the 63.21-acre site encompasses three Phases. Phase I, with a total of 14.10 acres has undergone partial development with six of the 69 planned units in this Phase having been completed and sold. Of the remaining 49.11 acres, only 36.31 acres are considered usable. Phase II encompasses 57 units and Phase III would encompass 125 units. The remaining 12.8 acres is deemed unusable. Natural gas and public sewers are connected to the site in Phase I. Water is derived from dug wells and processed through a water treatment facility on site. Utilities are underground. According to the Town of East Hampton, there is no bond being held for completion of the road construction. Phase I is currently improved with a partially completed road (approximately 900 linear feet in length and is currently not finished (top-coat needed), minimal landscaping, and utilities with 663 linear feet of road construction remaining in this Phase. There is approximately 3,912 linear feet of road remaining to be constructed for the entire development.