National Realty To Build $150M Project

The venture is being spearheaded by National Realty & Development, which is headquartered in Purchase, NY. William Mack and Lee Neibart also have personal interests in the development and have each provided some financing for the endeavor. Mack and Neibart are partners with Apollo Real Estate Advisors of New York City, which has no interest in the project, National Realty officials stress.

Details of the redevelopment plan were announced on Monday at a press conference at Stamford Government Center. Among those in attendance were: Stamford Mayor Dannel Malloy Richard Baker, chairman and Jane Elfers, president and CEO of Lord & Taylor, and John Orrico, president of National Realty & Development.

National Realty has acquired the Lord & Taylor store site, which sits on approximately eight acres at the convergence of High Ridge and Long Ridge roads, for an unspecified amount. The firm has signed a 20-year lease with Lord & Taylor, which will eventually have its existing 150,000-sf store renovated and expanded to 190,000-sf. The original store was built in 1969.

National Realty has also inked a 10-year 60,000-sf lease with grocer Whole Foods. NRDC's Orrico says the entire project will take between 18 to 24 months to complete and that Lord & Taylor will remain open throughout the construction process. Marketing has just begun on the remaining 50,000 sf of retail space available at the development.

He adds the renovation of the exiting Lord & Taylor's is part of a $500-million initiative by the upscale retailer to improve all of its 47 stores that are located in nine states and the District of Columbia.

"We are very excited about the plans for this new prototype Lord & Taylor store," says Elfers. "For more than 38 years, we have received enormous support from the Stamford community. The associates in our Stamford store are strong supporters of the Lord & Taylor brand and they show it through their commitment to our local customers. They are very energized to provide an even higher level of service and an array of enhanced amenities at this very important location."

"This redevelopment effort is a great example of our fundamental business philosophy, which is to build for the long term," says Orrico. "NRDC is uniquely qualified to undertake a project of this importance, size and vision and deliver an attractive and significant retail addition to the residents of Stamford."

Plans for the redevelopment of the site will feature extensive landscape and building upgrades. The improvements will include pedestrian walkways, fieldstone walls and glass facades. In addition, the new structure will feature sophisticated heating and air conditioning mechanical systems designed to meet energy efficient green building standards, the use of reflective roofing material and extensive use of energy efficient lighting, NRDC officials note.