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.

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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.

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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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“Metro Green Residences will provide a diverse range ofaffordable and market -rate residential units furthering the goalsof the development to create a mixed-income, mixed-use community ina smart-growth location,” says Rose president Jonathan F.P. Rose ina the release. “Within walking distance of a regional train lineand vibrant downtown, the development is a model solution to highenergy and transportation costs.”

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Rose was joined at Tuesday’s groundbreaking by Stamford MayorMike Pavia as well as Peter and Tony Malkin, Malkin Properties’chairman and president, respectively. Malkin Construction willserve as construction manager on the project.

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Along with low-income housing tax credits from the ConnecticutHousing Finance Authority, financing on Metro Green is coming fromthe Connecticut Department of Economic and Community Development,the American Recovery and Reinvestment Act, the City of Stamford,JPMorgan Chase and First Sterling Financial.

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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.