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September 21, 2023

Development team pays $9M for Cheshire Stone Bridge Crossing parcel; 300 apartments planned

Contributed A sketch of the planned apartments at Stone Bridge Crossing, Cheshire
By Hanna Snyder Gambini

The development team of Blue Vista Capital Management and Eastpointe LLC has purchased a portion of the 100-plus-acre Stone Bridge Crossing project site in Cheshire, where 300 multifamily units will be built.

The developers bought the property from owners Tri-Star Development LLC and Miller, Napolitano, Wolff LLC for $9 million in a deal recorded Aug. 30, according to town land records.

Tri-Star through the town’s tax increment financing program installed the infrastructure needed for the entire development, which is planned for a once-vacant parcel in the north end of Cheshire off Route 691.
 
The Blue Vista/Eastpointe project on lot 3 will include one, four-story and eight, three-story apartment buildings with studio, one-, two- and three-bedroom apartments, plus a 7,500-square-foot clubhouse with a fitness center, seasonal swimming pool, coworking spaces, an outdoor dog park and a guest suite. 

The parcel is part of the larger Stone Bridge Crossing, a new planned community that will include single-family homes, apartments, a retail center hosting national and local brands, senior housing, restaurants, a hotel, and a gas station.
 
Tri-Star sold another Stone Bridge parcel last year to EG Homes, which is building 140 attached, single-family homes. 

A management company is securing leases for the retail section of the project.

Also, the town Planning and Zoning Commission this week received plans for the 125-room, four-story Homewood Suites by Hilton hotel, which will include an indoor pool along with outdoor putting green, sports court and outdoor kitchen with fire pits and seating areas.

This deal represents Blue Vista and Eastpointe’s third multifamily investment in Connecticut, along with The Pointe at Dorset Crossing in Simsbury and The Preserve at Great Pond in Windsor.

Chicago-based investment management firm Blue Vista formed in 2002 and has invested more than $13 billion in total capitalization. Eastpointe is a Fairfield County-based residential development company focused on market rate multifamily properties in suburban communities along the New York-Boston corridor. 
 

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