Mayor Michael Pavia announced a major development resolution for the decade-long-land use issue for Parcel #38 on the 9th level of the Stamford Town Center Garage Thursday morning.
"We have early schematic plans for a spectacular housing, retail and possible hotel mixed use development for the site," said Thomas Rich of Stamford based F.D. Rich Company.
After years of plans that fell through along with the economy, the nearly 40 year old 4.3 acre "Hole in the Ground" will finally be filled with affordable housing, retail space, and gardens under the development of F.D Rich Company and the Ironstate Development Company.
"The last year we had been working very hard and we've been trying to pull together every single scenario that would make this development work," said Stamford Mayor Michael Pavia. "Fortunately Tom Rich was here on the scene, he'd been negotiating, we fortified and helped him in his position."
The property was privately held by one of the largest real estate holding companies Howard and Edward Miltstein since 1997. Developers say the project will cost well over a $100 million and construction will start no later than a year after the plans are approved.
They also tell us they plan encourage social interaction among residents with two acres of open space.
"The key features of this development is that there's going to be an immense amount of open space within the center of the project."
"I think that theres an even bigger statement that in this cyber world, some of the social connections will be lost, so as we urbanize in the cyber world, I think it's incumbent upon us to create new ways for our people to socialize," said co-developer David Barry President of Ironstate Development Company.
Pavia says despite challenges, he's satisfied he could leave office with a plan finally in the works.
"This is like my world series," said Mayor Michael Pavia. "This is like sliding into home with two out in the bottom of the ninth and we did it. It was a lot of hard work but we pulled it off."