fmaceachern@wiltonvillager.com

GEORGETOWN — The man behind a massive redevelopment in Georgetown just outside Wilton's town line said he's confident the project will go ahead even in a real estate market downturn.

"Like any market, if it's priced right it will sell," said Stephen Soler about the redevelopment at the former Gilbert & Bennett Wire Mill in Georgetown.

Soler, president of the Georgetown Land Development Company (GLDC), said the project is on schedule and he expects infrastructure work to begin in June.

"We still on track to do this and we're looking at beginning the road work in June," said Soler.

The company is planning on issuing bonds for the infrastructure work by the end of May. Because of the rise in then price of oil and the effect it's had on materials, Soler said the company is still trying to determine the final cost for the bond issue but estimated it would be between $15 to $20 million.

He expected the work on the buildings will begin in the fall.

"That's what we want to do we want to get this thing moving," said Soler.

There was a delay in the state issuing various approvals for the project, including have the state's environment department given its approval. That delay helped to blow a hole in Redding's budget since it was expecting revenue to flow into its coffers from issuing building permits and real estate fees, said Redding First Selectwoman Natalie Ketchum.

"We've been expecting this project to go ahead since 2005. We're hopeful it will start this year," said Ketchum Wednesday, a day after Redding voters voted down the town's budget which called for an 18 percent hike in taxes.

The delay in the project, combined with other factors led to the town's tough financial position, said Ketchum.

The company and town officials will meet on May 28 for a meeting to discuss the process of applying for permits, said Ketchum. The meeting is open to the public.

Despite the delays and the fall in the housing market locally and nationally, Soler is confident the concept of developing a village-like housing development will attract homebuyers. He said the amenities, including having the Wilton YMCA construct a second facility there will make it convenient for people to live and work.

"There's a reason why we're putting in the train, there's a reason why we invited the (Wilton) Y, there's a reason why we're encouraging people to walk," said Soler.

Soler said more than 1,000 people are interested in the housing units. There are 416 housing units, comprising single-family homes, townhouses and loft-style apartments planned for the development. Of those 55 are reserved for rent as affordable housing.

Ketchum shared Soler's confidence in the housing market. She expects the housing market to stabilize by the time the housing units are up for sale.

More than 300,000 square feet of commercial space, composed of offices, retail, restaurant, and light manufacturing, is also planned for the project.

There will also be office and retail space in the development, said Soler.