Bozzuto, Kimco Realty Close Joint Venture for 168-Unit Mixed-Use Project in Wilton, Connecticut

WILTON, Conn. — Bozzuto and Kimco Realty announced Nov. 3 the closing of a joint venture to develop a mixed-use community in Wilton, Connecticut, featuring 168 apartment residences and approximately 11,000 square feet of ground-floor retail. The project will rise on a 5.62-acre site within the Kimco Wilton Office Campus along River Road, redeveloping an existing office property in Fairfield County. Construction has begun.

The Wilton development is the third joint venture between Bozzuto and Kimco Realty. The companies said the project reflects Kimco's strategy of unlocking the highest and best use of its real estate portfolio, in this case by redeveloping part of an office campus into a mixed-use center with apartments and retail.

Project Details: 168 Apartments and Ground-Floor Retail

The community will consist of two residential buildings with more than 10,000 square feet of interior amenities. Planned indoor spaces include boutique hotel-inspired lobbies, resident lounges, a fitness center, co-working spaces and private work areas. Outdoor amenities will include an elevated courtyard with a swimming pool and a rooftop terrace overlooking the Norwalk River.

The 168 apartments on 5.62 acres equate to a residential density of roughly 30 units per acre before accounting for retail and amenity space. The roughly 11,000 square feet of retail works out to about 65 square feet per apartment, a neighborhood-serving component rather than a large shopping-center expansion.

Bozzuto Development Company will lead development, Bozzuto Construction Company will serve as general contractor and Bozzuto Management Company will manage the community. The project team also includes Beinfield Architects, landscape architect Mahan Rykiel, interior designer CID Design and civil engineer VHB.

Location Next to Kimco's Wilton River Park Shopping Center

The development is immediately adjacent to Kimco Realty's Wilton River Park Shopping Center, a Stop & Shop-anchored center with more than 90,000 square feet of shopping and services. The site sits directly across from Schenck's Island Park and the Norwalk River Valley Trail, which provide walking and biking trails and riverfront recreation. Wilton's Metro-North train station is approximately one mile away, with connections to Stamford, Norwalk and New York City.

The structure lets Kimco intensify land it already owns rather than acquire a new site. Housing next to Wilton River Park could add daily activity near the shopping center's retailers and put land associated with an office campus to different use.

Executives Cite Complementary Strengths

"Wilton presents an exceptional opportunity to deliver a thoughtfully designed residential community in a vibrant neighborhood," said Toby Bozzuto, President and CEO of Bozzuto. "Our partnership with Kimco brings together two companies with complementary strengths and a shared vision for what this property can become. By combining Kimco's expertise in retail real estate with our experience in residential development, construction and management, we will create a community befitting this beautiful neighborhood."

"Wilton is our value-creation flywheel in action," said Conor Flynn, CEO of Kimco Realty. "By unlocking the highest and best use of land we already own, next to our Stop & Shop-anchored Wilton River Park center, we create lasting value and strengthen a grocery-anchored neighborhood shopping center our shoppers rely on every day. Bozzuto's residential expertise makes them an ideal partner to bring this vision to life."

Third Bozzuto–Kimco Realty Partnership

The Wilton project follows two earlier joint ventures between the companies: Coulter Place in Ardmore, Pennsylvania, and The Chester at Westlake in Daly City, California. The three communities are at different stages. Coulter Place is expected to stabilize in early 2027, The Chester is expected to complete construction in 2028, and construction has just begun at Wilton. Together, the three developments will introduce 513 residences and complementary retail space across East and West Coast markets.

Bozzuto, founded in 1988, said it has developed, acquired and built more than 62,000 homes and apartments, and currently manages 150,000 apartments and 4.25 million square feet of retail space across the U.S. Kimco Realty (NYSE: KIM) is a real estate investment trust that owns and operates open-air, grocery-anchored shopping centers and mixed-use properties. As of Sept. 30, 2026, the company owned interests in 561 U.S. shopping centers and mixed-use assets comprising 99 million square feet of gross leasable space.

Kimco Operating Backdrop and Market Context

Kimco's core retail portfolio reported record leased occupancy of 96.6% in the third quarter of 2026, up 20 basis points sequentially and 90 basis points year over year. Small-shop occupancy reached a record 92.9%, and anchor occupancy was 98.2%. The company executed 444 leases covering 2.7 million square feet at a blended comparable cash-rent spread of 12%. Third-quarter same-property net operating income grew 4.9%, and funds from operations rose 6.8% year over year to $0.47 per diluted share. Kimco raised its 2026 guidance to $1.84 to $1.86 of FFO per share and 3.5% to 3.8% same-property NOI growth.

Kimco also sold The Witmer, a 440-unit multifamily property at Pentagon Centre, for $211.5 million at an approximately 5.1% cap rate, showing the company is recycling multifamily capital while pursuing development and redevelopment opportunities.

The Wilton project adds multifamily supply in Fairfield County, a high-cost suburban market where new construction is typically constrained by land, zoning, infrastructure and construction costs. Building on a commercial site Kimco already controls avoids a separate land acquisition. The project also reflects a broader trend among grocery-anchored shopping center owners, who are adding apartments and services to mature retail environments to support traffic, tenant demand and long-term land value.

Sources

• Bozzuto and Kimco Realty Expand Partnership with Mixed-Use Development in Wilton, Connecticut (Bozzuto, Nov. 3, 2026)