STAMFORD, CT-Developer Ceebraid Signal reports that Investcorp's real estate group has become an equity partner in its Highgrove Condominiums project here. No financial details of the joint venture transaction were released.
Jason Schlesinger, a principal of Ceebraid Signal, says that site work began three weeks ago at the project site at 70 Forest St. that will feature a 243,000-sf 96-unit development. The 17-story tower building located on the outskirts of the Stamford CBD will feature 93 condo units and three for-sale guest suites that will be on the fifth floor. Site work is about 85% complete and the foundation is about 75% finished. Construction on the building is expected to commence in earnest in the next 35 days. The development is projected to be completed by the summer of 2009. The transaction is supported by construction loan financing provided by Corus Bank, company officials say.
The condominiums will represent a mix of studios, and one-, two- and three-bedroom units with an average unit size of 2,558 sf. Property amenities will include an indoor swimming pool with a retractable roof, private spa/fitness center, 24-hour doormen, concierge, a 230-space valet parking garage, and a wine cellar with allocated space for each condo owner.
Chris Sameth, a principal of Investcorp says, "Highgrove Condominiums represents an excellent opportunity for Investcorp to participate in and support the strong Stamford real estate market, where demand for office space and new business expansion continues to reach new levels. We expect that the rapidly expanding corporate presence in Stamford will, in turn, fuel strong demand for luxury Downtown housing options which do not exist in the market today."
Ceebraid Signal, which owns approximately 1,000 housing units in Stamford and has built the 500-unit Chesterfield Condominiums on Bedford Street here, is currently seeking approvals on another venture with Investcorp in Fairfield County. The two firms are looking to develop 37 "super luxury" condominiums on the Saugatuck River in Westport. The total cost of that venture is estimated at approximately $45 million with construction expected to begin in late 2008. Ceebraid Signal, which has a location in Stamford, is headquartered in Freeport, NY and also has an office in West Palm Beach, FL.
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