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Thread: Stamford, CT

  1. #61
    Forum Veteran
    Join Date
    Oct 2009
    On the Rails in North NJ


    Quote Originally Posted by EastMillinocket View Post
    Hartford is done. New Haven and Bridgeport are a different story.
    I don't think Hartford is done , there are some large projects that waiting for the Commuter Rail line and Busway to open....same with the New Haven area , there are projects tied to the West Haven station , Knowledge Corridor and Route 34 Removal. The Projects in Bridgeport seem to be waiting on the economy , but Fairfield Metro or Black Rock has a few projects tied to it.

  2. #62


    Park Sq. West Construction Continues

    Two construction companies team up for phase 2

    By: Staff
    Stamford, CT | Added on May 30, 2013 At 02:31 PM

    Phase two of Trinity Financial's Park Square West project in Stamford is in the works, and headed by two companies -- the A.P. Construction Company and Associated Construction Company.

    “We’re thrilled to partner with Associated Construction and Trinity Financial to build what will become a very attractive and needed mixed-use complex, which will enhance the economic development for downtown Stamford,” said Andrew B. Ashforth, CEO of A.P. Construction Company and Co-CEO of The Ashforth Company.

    The $46 million project will produce a 15-story building, consisting of 209 residential apartments with about 6,800 square feet of ground floor retail.

    The 225,000 square foot high rise at 66 Summer St. will feature a mix of studios -- one and two bedroom units. Building amenities include a fitness center, community room with kitchen area, and a breakfast bar.

    Each unit will feature a full appliance package with a washer and dryer, granite countertops, stainless steel appliances including an electric range/oven, a built-in microwave with vent-hood, a frost-free refrigerator/freezer, garbage disposal, and dishwasher.

    The project also includes an $8.8 million extension of the existing Urban Redevelopment Commission garage, adding an 110,900-sqaure-foot structure housing 321 additional parking spaces. Construction for this will start in Spring 2014 and be completed in May 2015.

    Phase two will be completed in approximately 24 months. The last phase of the development -- a 15-story, 208-unit apartment complex on the west side of the site. That part of the project is expected to break ground in the summer or fall of 2015 and will be completed 24 months later.

  3. #63


    The Advocate

    From desks to beds: Landlords convert offices into apartments

    Published 8:42 pm, Wednesday, August 28, 2013

    • Gregory Lodato, president of MarLo Associates Inc., poses in an apartment building that was converted from office space to apartments along Summer Street in downtown Stamford, Conn., on Tuesday, Aug. 20, 2013. Photo: Jason Rearick | Buy This Photo

    Some Stamford office building owners have taken drastic action to fill their buildings -- not with workers toiling busily at their desks -- but with people snacking in front of their television sets or preparing a savory supper.

    Realizing that he had little hope of filling some of his office buildings amid high vacancy rates at many area complexes, Gregory Lodato, president of MarLo Associates, converted an office building at 485 Summer St. into a 20-unit apartment building in late 2012, and now he is planning to convert 460 Summer St. into 21 to 24 units.
    The difficult office market in Stamford, coupled with demand for apartments convinced Lodato that the timing was right to convert the properties, he said, adding that only six units at 485 Summer St. are unoccupied.
    "It was pretty much Class `D' office space. We took this undesirable office space (at 485 Summer St.) and turned it into very desirable apartment units," he said, adding that he has no regrets about his decision, despite the conversion cost. "It will cost north of $100,000 per unit to build (460 Summer St.) We'll be looking for $2,200 for a one bedroom and $2,500 for a two bedroom."
    Lodato decided to convert the buildings as the vacancy rate for Class `A' office space in Stamford's Central Business District continues to languish in the mid-20 percent range.
    It is hovering around 26.4 percent, according to a second quarter report issued by Jones Lang LaSalle, while the vacancy rate for Class `B' space is about 13.7 percent.
    Rental rates for Class `A' space in the district is $46.60 per square foot, and $25.69 for Class `B' space, Jones Lang LaSalle reported.
    `A trend out of necessity'
    But vacancy levels are higher farther from theStamford Transportation Center.
    While the long walk from the train station might have deterred companies from locating operations in Lodato's office buildings, he thinks they are in a prime location for tenants that want to be close to downtown retailers and the restaurant scene on Bedford Street.
    Lending institutions are anxious to finance apartment construction, Lodato said.
    "You go to residential because you can get financing," he said. "I think it's a trend out of necessity. There's no sign of recovery in the office market."
    Lodato is not the only office building owner who has seen apartments as a logical option to the futility of working to fill under-performing properties.
    Richard Freedman, president of Garden Homes Management in Stamford, and Randy Salvatore, owner of RMS Cos., also in Stamford, have converted office buildings to apartment complexes.
    "We've done three in Stamford and one in Darien," Freedman said, noting that the first conversion was in 2009 when he turned a 32,000-square-foot Stamford office building at 111 Prospect St. into 55 apartments.
    Darien conversion
    Another project came a year later, when he converted a 37,000-square-foot office building at 25 Third St. into 50 apartments. That was followed in 2011 by conversion of a 20,000-square-foot space at 397 Post Road in Darien into a 35-unit complex, and last year by turning 800 Summer St., a 40,000-square-foot office building, into 89 apartments.
    All of the buildings were in Garden Homes' portfolio.
    "They all were Class `B' buildings, and the occupancy was not great. The only way we could have them occupied was to keep rent so low that we couldn't make any money. Now as apartments they're 95 or 96 percent occupied," Freedman said, estimating that the conversion costs equated to $140 per square foot. "It's definitely a trend. I don't think it's going to end anytime soon. People aren't using offices like they used to."
    Many of the apartments in Garden Homes' converted buildings are studios, starting at about $1,100 a month.
    The opportunity to convert an under-utilized commercial building in need of improvement into apartments is hard to resist, said Russell Munz, co-owner and president of Pyramid Real Estate Group, a Stamford-based commercial real estate firm.
    "Rent for Class `B' and `C' offices have not moved since the mid-'80s," he said. "In real estate lingo, it's called `creative re-use'. I think it's a great use. There's no shortage of people that want to rent because their credit may not be good, they're unable to qualify for a mortgage or they don't want to own."
    Recognizing the demand for apartments in lower Fairfield County, Garden Homes expects to soon raze a vacant building at 1032 Hope St. in Stamford and start construction of an 88-unit apartment building in November. Most of the units will be studio and one-bedroom apartments.
    Fairfield, Milford construction
    Freedman said he expects construction to take a year, adding that his company is also building a 54-unit complex in Fairfield and a 36-unit building in Milford.
    "I think this is the golden age now for rental housing," he said.
    Norman Cole, Stamford city planner, welcomes building owners' efforts to convert some of their office buildings because the occupancy levels of them are so low. Some are in the 20-to 30-percent range or lower.
    "They're re-purposing these buildings and putting them good use," he said. "They're in nice locations where people can walk (to stores and restaurants)."
    In Bridgeport, where residential rents are not as a high, the trend has been slower to catch on.Bradley Balletto, regional manager of Northeast Private Client Group, cited a few examples of converted spaces, like the old headquarters of the City Trust Bank or a former office building at 333 State Street in downtown Bridgeport, which is being leased as high-end apartment space this summer. But, the conversion value is not as great, Balletto said.
    Less of a trend
    in Danbury
    "I don't know that it's going to be as common in Bridgeport because you don't get as high a rent as in Stamford to justify the cost," Balletto said. "I don't know if there's enough product for it or enough demand quite yet."
    Toll Brothers have started construction to build out the "Reserve," a residential development with 1,500 units on about 500 acres of land once owned by Union Carbide in Danbury, though this is the only such development in the area, said Jeff Ryer, principal of Ryer Associates. In Stamford, where a strong office culture developed downtown starting in the 1980s, there is a need to bring residential housing back into the bustling hub of the city, Ryer said.
    "I'm not seeing that type of scenario here (in Danbury)," Ryer said.
    Location was the prime reason why Salvatore purchased a vacant office building at 1200 Bedford St. constructed in the early 1980s, for $1 million and spent $3 million upgrading its facade and converting it into 16 apartments in 2012.
    "They rented very quickly. It took 45 days," Salvatore said, adding that the rental rates ranged between $2,300 and $2,500 per month.
    The Bedford Street project followed conversion of an office building at 100 Prospect St. into 82 units in 2010, Salvatore said.
    Glut of space
    "You have a lot of `B' and `C' office space that's beyond useful life, and you have a glut of Class `A' space," he said, commenting that prices for Class `A' space make it hard for offices with fewer amenities to compete for tenants. "These office buildings are in a good area, so it makes perfect sense to convert them. I definitely think you'll see more because I don't think you'll see anything change. There's still so much Class `A' space available."
    RMS expects to complete construction of The Moderne, a 58-unit apartment complex at 163 Franklin St. by Sept. 1.
    Unlike the conversions, The Moderne is a ground-up project. Twenty-five units already have been leased.
    "Stamford is becoming a destination place for people to live," Salvatore said.
    Ezra Karp, a broker with William Raveis Real Estate in Stamford, has experienced the demand for apartments in the city.
    "It's very strong in Stamford. They come and go very quickly -- that's the high-end apartments. Young people who commute from New York can't afford to buy a house," he said. "Stamford is growing so much. I believe there will always be a need for rental space. If (a conversion) is upscale, it should do well."
    Staff writer Olivia Just contributed to this report.

  4. #64

    Default Status of projects along Summer Street

    1. 66 Summer Street
    Construction of 66 Summer Street began May, 2013
    2 stories framed as of 8/24/2013

    2. The Summer House – 184 Summer Street, F.D. Rich
    - 222 residential units
    - 2,200 square feet of retail space
    - Construction to begin fall 2013
    -Current building (former site of Mary Ann's Mexican restaurant) slated for demolition soon
    - Slated for completion Fall 2015

    750 Summer Street
    -Construction began summer 2013
    -The foundation is now in place

  5. #65

    Default 163 Franklin St

    58-unit rental "The Moderne"
    photos as of 1 Sep 2013

  6. #66

    Default 750 Summer Street

    58 residential units
    construction photos as of 1 Sep 2013

  7. #67

    Default 485 Summer Street

    recently converted from office to rentals

  8. #68

    Default 66 Summer Street

    15-story, 209-unit apartment complex with 6,000 SF of ground-floor retail Construction photos as of 1 Sep 2013

    The last photo shows the future site of phase II of this project, which will be a residential tower fronting the east side of Washington Blvd between West Park Place and Broad Street.

  9. #69

    Default Residence Inn by Marriott

    230-room, seven-story hotel
    On west side of Atlantic Street between Palace Theatre and Broad Street

    This was formerly the site of the Downes Building, demolished this summer.


    Status as of 1 Sep 2013:

  10. #70

    Default 75 Tresser Boulevard

    350-apartment building

    This was formerly the site of the Advocate newspaper offices and printing plant, which was demolished in Dec 2011 after the newsroom moved to the Springdale district


    Construction status as of 1 Sep 2013
    The new building spans the entire south side of Tresser Blvd between Washington Blvd and Clinton Ave, with some frontage on both Washington and Clinton.

    Washington Blvd & Tresser Blvd intersection:

    Looking west on Tresser towards Clinton Ave

    Indentation midway on the Tresser block

    Looking east from Tresser/Clinton intersection towards Washington Blvd

    Clinton Avenue facade

    Looking southeast from Clinton/Tresser intersection

    Washington Blvd facade


  11. #71

    Default Gateway at Harbor Point

    This is a new office development just southwest of the Stamford train station (on west side of Washington Blvd between the railroad tracks and Pulaski Street). It is one of many projects currently redeveloping South End.

    The parking garage portion is currently under construction (photos as of 1 Sep 2013)

  12. #72
    Forum Veteran
    Join Date
    Oct 2009
    On the Rails in North NJ


    Some Stamford pictures I took yesterday

    001 by Nexis4Jersey09, on Flickr

    002 by Nexis4Jersey09, on Flickr

    003 by Nexis4Jersey09, on Flickr

    004 by Nexis4Jersey09, on Flickr

    005 by Nexis4Jersey09, on Flickr

    006 by Nexis4Jersey09, on Flickr

    007 by Nexis4Jersey09, on Flickr

    009 by Nexis4Jersey09, on Flickr

    010 by Nexis4Jersey09, on Flickr

    012 by Nexis4Jersey09, on Flickr

    013 by Nexis4Jersey09, on Flickr

    014 by Nexis4Jersey09, on Flickr

    015 by Nexis4Jersey09, on Flickr

    016 by Nexis4Jersey09, on Flickr

    017 by Nexis4Jersey09, on Flickr

    018 by Nexis4Jersey09, on Flickr

  13. #73

    Default Stamford Hospital expansion

    Ground was broken in May 2013.
    New 11-story building; 640,000-square-foot facility total; $450m

    Photos as of 26 Sep 2013:

    from Wright Street looking west (existing hospital building on the right):

    from Finney Lane and Hillhurst Street looking north:

    From Merrell Avenue looking east towards downtown (Stamford's tallest bldg Trump Parc and second-tallest One Landmark Square visible in distance):

    From Merrell Avenue looking east (existing entrance to Stamford Hospital on Shelburn Road on the left; Vidal Court redevelopment in the foreground):

  14. #74

    Default Vidal Court redevelopment - "Greenfield"

    Vidal Court housing project was built in 1955 and consisted of 216 apartments on a six-acre site. The buildings fell into decay and were demolished within the last year.


    Vidal court is being replaced with a mixed-income development called "Greenfield."

    According to Charter Oak Communities (Stamford public housing authority), of Greenfield’s 45 mixed-income housing units, 27 will be rented to low- or moderate-income households and be designated as replacement housing for Vidal Court. The remaining 18 units will be designated for market-rate households.

    The new development will include 10 one-, two- and three-story buildings on an approximately three-acre creatively landscaped and well-lighted site, with off-street parking. Greenfield will feature a wide range of customized amenities, multi-bedroom modern apartments, “green” construction, energy-efficient appliances and heating/cooling, and human services support provided by an on-site resident services coordinator from Family Centers.

    These buildings are now being built on the east side of Merrell Avenue between Stillwater Avenue and West Broad Street.

    Groundbreaking was on August 14, 2013. Below is a view of construction progress along Merrell Avenue as of October 26, 2013.

    A future phase of the redevelopment involves constructing 64 units on the north side of Stillwater Avenue east of Merrell Avenue (terra cotta colored buildings in the map above). Before that phase begins, some older buildings on that site will have to be demolished.

  15. #75

    Default Harbor Point // Commons Park residential cluster

    One of the two residential clusters in the Harbor Point development in South End is Commons Park (the other is the cluster around the old Yale & Towne factory, the large block bordered by Henry, Pacific, Market and Canal streets). Here on the south side of Commons Park, two apartment buildings have been built and two more are being constructed. The two that have been built are called "101 Park Place" (at 101 Washington Blvd) and "Infinity Harbor Point" (at 201 Commons Park South). Here are some photos as of 26 October 2013 showing the Commons Park cluster.

    All four buildings can be seen here from the intersection of Washington Blvd and Atlantic Street (the one on the very right is "101 Park Place."

    Infinity Harbor Point is the tall one on the right.

    Infinity Harbor Point

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