$160M Trump Parc Project Breaks Ground

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STAMFORD, CT-After a somewhat arduous approval process in which the project’s original design was turned down, developers Donald Trump, Louis Cappelli and Stamford’s own Thomas Rich broke ground Tuesday on the $160-million Trump Parc Stamford condominium development here. Although construction will not begin in earnest for about a month or so, the three developers held a groundbreaking ceremony for the first branded luxury condominium complex in the Downtown district.

The 34-story high rise will feature 170 condominium residences in what will be Stamford’s tallest building. The city had turned down the project’s original design, which called for approximately 40 stories in building height and 185 units.

The building is designed by architects Costas Kondylis and the Lessard Group. Residences will be priced from $670,000 for a one-bedroom unit to more than $3 million for duplex penthouse residences. The property will also feature a 24-hour concierge/doorman, landscaped terrace, an indoor swimming pool, a full-service health club, a wireless lounge, billiards and screening rooms, a rooftop private observation deck and a “car spa.” There will also be approximately 3,000 sf of restaurant space on the ground floor of the building. Construction on the development is expected to be completed in about two years.

Stamford Mayor Dannel Malloy says of the project, “Today is a great day for our city as we celebrate the groundbreaking for this world-class residential tower. Trump Parc Stamford will bring new excitement to our vibrant downtown and further enhance Stamford’s reputation as one of the nation’s premier small cities.”

The mayor also notes that Stamford is becoming known worldwide as a prime location for financial service firms and noted that the city is in discussions with several other “players in the international monetary community” to possibly locate operations in the city.

“Downtown Stamford is well on its way to having one of the most dynamic downtowns on the Long Island shore and Trump Parc Stamford will bring it to the next level,” Trump says. “I expect we will sell out very quickly.” Officials with the developers note that the project has already generated a waiting list of more than 220 prospective buyers.

“For all of us who love the city and who have been involved in its renewal, today represents another giant step forward in the city’s four decades long revitalization effort,” says Rich, who is president of locally based FD Rich Co. “I’ve personally been involved in that effort for the last 30 years and it is truly amazing to witness the transformation that has taken place. The vitality and diversity of offerings that are available from the movies to the performing arts, to the University of Connecticut and the scores of restaurants, it really is fantastic.”

Cappelli, president of Cappelli Enterprises of Valhalla, NY who is partnering with Trump on high-rise luxury condominium projects in White Plains and New Rochelle, NY, says that for years he was impressed with the redevelopment efforts that have taken place in Downtown Stamford and how the city has attracted a host of major financial services firms to the downtown district. “This is going to be a signature building for the city, the county and the state,” he notes.

Cappelli and Rich are partnering on the Residences at Ritz-Carlton, Stamford, which should break ground in the fall at a Downtown site now occupied by the Stamford Post Office. The project calls for a 150-room Ritz-Carlton, its first property in Connecticut, flanked by two 39-story luxury condominium tower buildings containing 289 residences.