In considering a dramatic proposal to create up to 123 condos and apartments in an area at the edge of downtown New Canaan where 38 now exist, the town should find out how such a project would impact other property values, officials said Tuesday. Filed this month on behalf of M2 Partners, which owns a combined 3.29-acre parcel fronting Maple and Park Streets—and viewable here on the town website through a dropdown menu—plans for ‘Merritt Village’ call for four 4-floor multi-family dwellings that will include 60 townhouse-style condos and 62 midrise apartment units. According to Planning & Zoning Commission member Tony Shizari, a question central to the project’s merit is: “What will be the impact on the market of introducing several hundred thousand square feet of additional living space?”
“The question goes to the impact on property values,” Shizari said during a regular meeting of P&Z, held at Town Hall. “There are a lot of condos there—although I totally agree that we need single-floor access … But adding 90 units to what is allowable right now, what does that do to that surrounding area? Because that’s a lot of condos right there.
