STAMFORD, CT-Shovels entered the ground Tuesday on Metro GreenResidences, the second phase of development on the Metro Greenmixed-use project under development by Jonathan Rose Cos. andMalkin Properties. Financing on the $27-million, 50-unit rentalapartment building is coming from a mix of tax credits and privatelenders.
Construction on phase two is expected to be completed next year,according a release from Rose and Malkin. The overall Metro GreenResidential project, which also includes the fully leased MetroGreen Apartments, has received LEED-ND Gold certification forneighborhood development from the US Green Building Council.
The residential component is part of a 5.2-acre project near theMetro-North train station here that will also include a350,000-square-foot, 17-story office tower. Addiitonally, retailand office space will be available on the ground floor of MetroGreen Residences, which will contain 40 units priced as affordablehousing. Ultimately, Rose plans to build 238 housing units at MetroGreen.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
