STAMFORD, CT-Ground has broken on Highgrove, a project being developed by Ceebraid-Signal, on Forest and Grove streets. As shovels turned the first dirt on the 18-story project, 53% of the 91 units at the project were already sold.
"Highgrove exemplifies the remarkable renaissance under way in Stamford," says Mayor Dannel P. Malloy. The site is designed by Robert AM Stern, notes Jason Schlesinger, president of Ceebraid-Signal, which previously developed the Chesterfield condominium development in Stamford. The firm also has residential projects in New York City, Atlanta, Philadelphia and throughout Florida. Turner Construction is the construction manager for the project.
Residences at the development are priced from $1.38 million for a 2,123-sf two-bedroom home to $3.5 million for a 3,095-sf, four-bedroom unit. "The overwhelming demand for this product proves that the developer's vision to create Manhattan style residences for a discerning Fairfield County clientele was right on target," says Jessica Rohm, managing director of the Sunshine Group, which is marketing the development. While the units are priced at about $700 per sf, Rohm says that a comparable property in Manhattan sells for about $4,000 a sf. "There has been absolutely no price resistance thus far."
Rohm says that sales first began nearly a year ago. However, marketing efforts were put on the back burner when Ceebraid-Signal went before the city requesting approval for additional units due in part to the high cost of construction. Once those approvals were in hand, amended contracts had to be negotiated with all the buyers.
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