STAMFORD, CT-An application has been filed with the city that could involve the development of the tallest building in the downtown district. For that matter, the 37-story building would be the tallest structure from Fairfield County to Hartford.
Thomas L. Rich, president and CEO of FD Rich Co. of Stamford and Valhalla, NY-based developer Louis R. Cappelli, president and CEO of Cappelli Enterprises, Inc. will partner on the project. A spokesman for the developers says the total cost for the condominium project called Park Tower is estimated at $150 million.
Park Tower would feature 185 units, ranging in size from one-bedroom units of approximately 1,000 sf to three-bedroom duplex penthouses of 3,500 sf. The units would sell at about $650 per sf, the spokesman notes. The project would also feature on-site parking on five levels at the base of the building along with approximately 3,000 sf of retail space.
The project site totals just 25,000 sf and is located on the corner of Washington Boulevard and Broad Street, adjacent to the University of Connecticut's Downtown Stamford campus and Mill River Park. Rich says the Costas Kondylis-designed venture "will add 185 homeowners to the downtown core, generate 500 construction jobs a year over the two-year construction period, 15 permanent jobs once completed and add more than $1 million per year in property tax revenue to the city coffers."
The spokesman for the developers says that Cappelli Enterprises construction affiliate would handle the construction of the building, while FD Rich will be working on obtaining the necessary municipal approvals. The firms would work jointly on sales and marketing of the Park Tower development.
The developers note that they are looking to make a contribution of $3.5 million to the city in lieu of zoning regulations that require developers to set aside 10% of the project's units as affordable. The entire seventh floor of the Park Tower building will be devoted to amenities such as a swimming pool, landscaped deck, full service health club, library, billiards and screening rooms.
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