$3.5B Stamford development progresses in spite of economy

October 28, 2011 10:25AM

Construction along Stamford’s South End waterfront
One of the nation’s largest redevelopment projects is underway in Stamford, Conn., where developers who obtained financing and local approval just before the economy plunged have already filled three apartment buildings and drawn major tenants to its commercial space.

The $3.5 billion project is called Harbor Point and is rising along the South End waterfront, which had fallen into disrepair in the 20th century. It calls for 4,000 apartments and 1 million square feet of commercial and retail space. In addition to the fully occupied buildings, a 329-unit rental building, priced between $1,910 and $3,680, opened this month. Starwood Hotels & Resorts, McKinsey & Company and Fairway Market have also taken office space in the neighborhood. A Dinosaur Bar-B-Que restaurant is slated to open next fall.

The development is being undertaken by Philadelphia-based Lubert-Adler and Norwalk-based Building and Land Technology. It was originally planned by the real estate firm, Antares Investment Partners, that acquired the land in the first place and was Lubert-Adler’s first partner. But failed ventures elsewhere punished the company and it withdrew from the project in 2008. However, in that same year, the development had already obtained Stamford’s approval for the development, tax credits to fund new roads, parks and sewer systems and construction financing before the financial crisis. As a result, the project has progressed on schedule despite the market difficulties surrounding it. [WSJ]