Developer Martin Brett of Vastu Partners LLC said the Phase 5 development at North Campus Village in Fairfield is proceeding quickly, thanks to a warm winter that has allowed construction crews to stay on site.
For this most recent phase of development, Brett plans to add 23 buildings and 60 units in all to the housing development that began in 2002. Vastu Partners LLC added houses to the development steadily until 2010, when the recession made it no longer financially feasible to undertake such large housing construction.
Now that the economy is back on track, so, too, is North Campus Village expansion. Brett has already built and sold five triplexes in the Phase 5 development, which is occurring at the northwest corner of North Campus Village.
“There are four buildings under construction now, and we will maintain that pace and even up it to five buildings under construction at a time,” Brett said. “We plan on finishing a new building about once every six weeks.”
Brett said the construction crew was able to work through the winter because several foundations were poured before the ground froze.
“This winter had huge breaks in it,” Brett said. “If we plan it carefully, and we get a couple of breaks, we don’t slow down much during the winter.”
Phase 5 is expected to be finished by the end of 2018.
Brett said he chose to build multi-family residences because of the generous tax credits from the state. Six buildings will be duplexes and the other 17 will be triplexes. He said the tax credits brought the price down by $20,000 on units that would have otherwise cost between $150,000 to $165,000.
Brett mentioned that his business partner, Doug Bachar, has done a great job of getting the most “bang for the buck” on building materials.
“Without Doug, I wouldn’t even attempt this,” Brett said.