Construction To Begin Soon on EastSide Commons

STAMFORD, CT-The partnership building the EastSide Commons mixed-use development here has obtained a $44-million construction and acquisition loan from Citibank, NA. Seth Weinstein, president of Hannah Real Estate Investors, says that with the loan in hand, construction will begin on the project immediately. Weinstein says construction should be completed on the venture by the summer of 2008.

EastSide Commons, to be built on the corner of East Main Street and Lafayette Street in Downtown, will feature 112 condominium units and some retail space. The project is being developed by a partnership of Hannah Real Estate Investors and Paxton and Ray Kinol of Stamford. A total of 10% of the homes will be sold as affordable, below market rate, the developer states.

The three investors are partners in four other residential developments in Stamford: Mill River House, a 95-unit condominium that was completed in January 2006; Adams Mill River House, a 65-unit condominium opening this spring; the Metropolitan, a 39-unit condominium and 12 townhome project opening this spring; and GlenView House, a 146-unit rental/retail project opening in the summer of 2008.

EastSide Commons will offer luxury one, two and three-bedroom homes, with units on the top floor featuring lofts. Amenities at EastSide Commons will include a Club Room, fully equipped Fitness Center and a landscaped recreation courtyard over a covered parking garage with more than 200 parking spaces. The building will be pre-wired for advanced telecommunication services and the first floor of the building will feature retail space.

The New Homes Division of William Raveis Real Estate began sales for the community in mid-January and to date 25% of the units have been sold.

Earlier this month, the partnership reported that Bank of America provided $66 million in financing for its GlenView House development on Glen Brook Road and East Main Street. That project will include a 15,000-sf Walgreens on the ground floor.