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1st project financed in Danbury master plan.

Danbury Mayor Gene F. Eriquez announced that the first private project in CityCenter's Redevelopment Plan is going ahead. Developer, George Davon has received bank financing to construct Liberty Terrace, a much needed affordable-housing community to be built in downtown Danbury's CityCenter. This is the first of several approved, privately funded developments.

CityCenter Danbury is an ambitious plan to revitalize Danbury, Connecticut's business district. Conceived and produced through the combined initiative of 120 property owners and local government agencies, the project includes the construction of a large landscaped plaza, a municipal garage and mixed use buildings containing stores, restaurants, housing, and offices.

Union Savings Bank and Savings Bank of Danbury have approved loans for the building of the 35-unit condominium community to be located on Liberty Street. Ground breaking for Liberty Terrace is scheduled for the Fall. The two-story townhomes and one-level flats will be offered for sale by the end of February 1993. Projected completion date is September 1993. The entire Liberty Terrace project will be located off Patriot Drive, CityCenter's redevelopment area, and will cost approximately $3 million to, build. Plans are being submitted to the Danbury Redevelopment Agency and the Common Council for final approval.

Architect Lewis Zurlo of Lewis Zurlo Associates in Danbury designed the three-building complex to reflect the exterior design features of existing downtown historic buildings, combining decorative brick and masonry walls, cornice molding, individual entrances, and wrought iron railings. The price for the two-bedroom flats, averaging 816 square feet will start in the mid to high $70's. Larger, two bed room townhomes averaging 1,112 sq. ft. will be offered for sale from the mid to high $90's.

Buyers for Liberty Temce will typically have a combined annual income starting at $28,000. Previously, residents in this income group generally could not qualify to buy a new home in the Danbury area. In addition to opening a whole new market, developer George Davon is currently investigating special low interest mortgages and down-payment assistance programs to further assist the first-time home buyers.
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Title Annotation:Danbury, Connecticut
Publication:Real Estate Weekly
Date:Aug 19, 1992
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