An empty office building that has sat unused for years could get a second life as housing under a new proposal before Greenwich planners.

Developer John Fareri is seeking approval to convert 18 Valley Drive in Greenwich Office Park into 46 condominiums, including five units designated as moderate-income housing.

The project reflects a larger shift happening in Greenwich as older office properties struggle to stay filled and developers look to add residential space.

The four-story redevelopment would transform the former UPS headquarters building, which has been vacant since about 2022, with new apartments, underground parking, balconies and updated exterior finishes.

The proposal would combine existing office space with a new expansion area and a single-family home already on the property.

Affordable housing debate

A major question for planners is how the project handles its affordable housing requirement.

Fareri’s team is asking to pay into Greenwich Communities, the town’s housing authority, instead of building all required below-market units on site. The proposed payment would be $350,000 per unit.

The idea has drawn debate among town officials. Some Planning and Zoning commissioners have argued the town’s affordable housing rules are meant to encourage construction, not payments.

Supporters say the funds could help build more affordable housing elsewhere.

The proposal is one of several efforts by Fareri Associates to reshape Greenwich Office Park into a more mixed-use area as demand for traditional office space changes.

The company is also seeking approval for a separate 44-unit residential conversion at 1 East Weaver St.

No public hearing date has been set for the Valley Drive proposal.