Martin Handshy - An Active Adult Community in Ridgefield, CTcoachhomesatridgefield.com/wp-content/uploads/2015/01/FoundersHall... · •Martin Handshy –President, Charter Group

Charter Group Partners, LLC - Sunset Lane, Ridgefield, CT

Who We Are: Charter Group Partners, LLC

• Martin Handshy – President, Charter Group Partners, LLC

– Lifelong resident of Ridgefield

– Has built in Fairfield County for 33 years

• Dennis Stone – Chairman, Charter Group Partners, LLC

– Local builder in northern Fairfield County for 40+ years

• Jay Metcalfe – Vice President, Charter Group Partners, LLC

– Builder for 15+ years w/ specialization in 55+ lifestyle communities

The Former Schlumberger Campus

Addressing a Need: Homes for a growing 55+ population

• Currently, 36.54% of Ridgefield’s population is over the age of 50.

• “Realtors in town talk anecdotally about the large unmet demand for senior accommodation. This population prefers smaller units, closer to central amenities and ground floor access.” (1)

• Two largest age brackets are 35-49 (24.26%) and 50-64 (22.83%). In ten years those brackets will age and the largest demographic in town will be over the age of 50.

(1) Ridgefield League of Women Voters Housing Study, June 2014

Addressing a Need: 55+ Homes that are truly affordable for this growing population.

• Ridgefield’s Median Home Value is $699,900(1). • Second largest segment (2,712 homes) is valued

between $500K and $750K – largely older homes in town(2).

• NAHB target for 55+ homes is 80% of median home value (3).

• Ability for older residents to downsize and save money for retirement.

(1) 2010 Census (2) Ridgefield Housing Values – 2012 Grand List (3) National Association of Homebuilders 50+ Housing Council Design Guidelines

Addressing a Need: Former & Current Ridgefield Residents

“When we downsized from our 5 bedroom empty nest we tried to find a high quality three bedroom townhouse in Ridgefield for active senior citizens that offered a first floor master suite with the usual high end amenities (two car garages, 9 foot ceilings, gourmet kitchens, clubhouse, pool, grounds maintenance, etc.). Unfortunately, at that time, that type of housing did not exist in Ridgefield…

The proposal by Charter Group for the Schlumberger property will offer a growing number of downsizing Ridgefield senior citizens the opportunity to stay in town in a comfortable and relatively affordable housing. For us it is too late, but for many empty nesters in Ridgefield it is exactly the right thing at exactly the right time.”

-M. Steele, Newbury Village Homeowner

"As a resident and homeowner in Ridgefield for the past 27 years, I am looking to downsize in the next couple of years with a strong desire to stay in my home town of Ridgefield. The single-level coach home concept being proposed is ideal for me and meets all of my criteria, as I am looking to have a turn-key living solution, all on one floor with garage space, and within walking distance to the town. I truly hope everyone in town will vote yes to this development proposal.“ -D. Murphy, Ridgefield Resident

Proposed Site Plan

Perspective Renderings

Townhomes from Sunset Lane Coach Homes from Sunset Lane

The Coach Homes

• Three 3-story buildings arranged around courtyard

• 15 homes/building • Three floor plans –

1,466sf to 1,741sf • All 2 bedroom; 2 bath

(some with study) • ADA-adaptable for

aging-in-place • Secure building w/

access control system • Underground parking • Elevator access

The Coach Homes

• Approximately 2,200 to 2,500 square feet

• 2-Story plans w/ Master Suites on First Floor

• Same luxury specifications as Newbury Village and Coach Homes proposed

• High $600K’s to $700K

The Townhomes

Clubhouse & Amenities

• Approximately 1,500sf clubhouse

• Gathering room and small fitness center

• Walking trails to interconnect with town wide trail system

• Potential for bocce court or other passive recreation

Location Benefits

• Proximity to downtown Ridgefield for dining & shopping

• Close to new Prospector Theater

• Robust senior center (Founder’s Hall)

Energy Efficient Specifications

• Water, sewer, natural gas

• 95+% efficient furnaces • High efficiency tankless

hot water heaters • Superior insulation

package • Unbelievably low utility

costs – important for an older demographic

Luxurious Features

• “Condominium community by a luxury custom homebuilder”

• Custom & local Kingswood® cabinetry

• Oversized trim moldings • Pella® exterior windows • Kohler® fixtures • Granite & SS appliances

standard

Does the Project Make Sense for Ridgefield?

• What the project does for Ridgefield:

– Addresses a real housing need in town

– Ability to pay back the $7MM investment in Schlumberger

– Represents a compatible use for the property

• What are some concerns?

– “Is 54 homes too many?”

– “Are the Coach Homes buildings too big?”

Recouping Town’s Investment in Schlumberger with time to plan for the future.

Town’s purchase of 45 acre Schlumberger Property:

$7,000,000

Less Sale of First 5 acre Parcel to Stephen Zemo:

($1,250,000)

Less Sale of Second 10 acre Parcel to Charter Group Partners, LLC:

($4,300,000)

Balance Remaining: $1,450,000

With the sale of the two parcels, combined with the ~$500K in annual tax revenue generated from the community, in the very near future the town will have its entire investment in Schlumberger paid back reducing or eliminating the need to tax property owners by issuing a long-term bond.

Compatibility of Use: Sunset Lane Area

Compatibility of Use: Sunset Lane Area

• Sunset Lane is currently a mix of residential development from narrow lot single-family to high density multifamily.

10 acre parcel viewed from Sunset Lane

Compatibility of Use: MFDD Zone

• In 2013, the 10 acre parcel was rezoned to MFDD (Multi-Family Development District) to comply with 2010 Plan of Conservation & Development

• At the same time, the MFDD zone was amended to “(1) remove the limitation on the number of multi-family units allowed to share a common entry, and (2) to allow greater Commission discretion in determining the height of multi-family buildings when warranted by site conditions.” – Planning & Zoning Commission, 7/19/13 adopting

resolution

The Question of Density

• Concern of “Is 54 Homes Too Many?”

• Anything pales in comparison to former use as a corporate campus w/ 300+ daily commuters

• What does Density Affect? – Land Purchase Price

– Town Tax Revenue

– Vehicular Traffic

• “Devil is in the Details” – the question of density is not as simple as # of homes…

Question of Density (cont.)

• Land Purchase Price vs. Home Affordability:

– 54 homes allows for a land purchase price that pays back most of town’s investment while keeping homes relatively “affordable” without being 8-30g

• Property Tax Revenue

– Estimated $500,000 in annual tax revenues from real estate and personal property

– Far beyond what would be generated from other uses of the property (e.g. property tax revenue as empty Schlumberger $180K to $220K)

• # of homes proposed allows for amenities (e.g.

clubhouse) to create a lifestyle community, without having HOA fees be too high.

• Density is below MFDD zone regulation (6 units/acre=59 units) that the parcel was specifically rezoned to for the purpose of promoting higher density projects close to downtown in line with Town’s 2010 Plan of Conservation and Development.

THE QUESTION OF DENSITY (cont.)

• Not All “Units” Are Created Equal: – Single Family Homes vs. 55+ Homes in General

– 55+ Townhomes vs. 55+ Coach Homes in Particular • 55+ Townhome Households are Younger, Have

Multiple Cars, and Are Still Working

• 55+ Coach Home Household are Older, Often Single Car, Majority are Retired, Many “snowbird”

At Newbury Village… Townhomes (n=70) Coach Homes (n=39)

% Single Occupant 17% 51%

% One Car 20% 74%

Percentage Working 54% 18%

Question of Density (cont.)

Equivalent Density

• Estimated number of daily commuters:

– 45 Coach Homes x 18% working = 9 commuting households

– 9 Townhomes x 54% working = 5 commuting households

• This is equivalent to a 14 single family home subdivision w/ single working parent or a 7 home subdivision if say both parents worked.

• Key is it is not sufficient to simply compare # of homes for various types of communities without delving into the detailed demographics of the type of homeowner that home design attracts.

Question of Density: Previous Proposal Comparison

• The previously proposed project of 30 townhomes (a) constituted more buildings (11 vs. 7), and (b) had a greater amount of impervious surface and disturbed land.

Question of Building Size

• Strategic layout of site plan: townhomes at street level; coach homes on downhill slope

• Visually a two-story building from the street

Question of Building Size

• Strategic layout of site plan: townhomes at street level; coach homes on downhill slope

• Visually a two-story building from the street

• Plantings for screening • Use of stone & shake siding

to break up massing • Comparison to other

buildings on Sunset Lane.

The Importance of Local

Local Suppliers

Sales & Marketing Local Listing Agent; Local Marketing/Signage/Collaterals

Building Supply Local: Ridgefield Supply

Cabinetry Local: Kingswood Cabinets (Danbury)

Vendors Local: (Ridgefield/Danbury Area)

e.g. La Pietra Marble

Tradespeople Local (Ridgefield/Danbury Area)

Builder Ridgefield Resident, Successful, Experienced with this product type

In Summary

• The Coach Homes at Ridgefield will allow older town residents to sell their large, two-story single family home and purchase a home that offers single level living, at an affordable price, in an energy efficient home with minimal operating and maintenance costs. Being close to downtown provides opportunities for dining, entertainment, and shopping while positively contributing to the economic activity of the Town.

• In turn, the Town of Ridgefield in a few short years will recoup 100% of its investment in the Schlumberger campus, not need to tax residents with a long-term bond and own thirty acres of downtown real estate free and clear with time to plan for the future.

Town Referendum

PLEASE VOTE! Tuesday, February 24th

6 AM – 8PM Yanity Gym

Questions/Comments?

www.TheCoachHomesAtRidgefield.com

Jay Metcalfe, Vice President, Charter Group Partners, LLC

(203) 775-6700 Ext. 101

(914) 588-8019 (cell)

[email protected]