The apartments in the latest residential addition to the Stamford landscape, Atlantic Station West, are already nearly half-leased ”” even with its grand opening only occurring on July 29.
As of July 28, 155 of the 325 units at the 405 Atlantic St. complex had been leased ”” about 48% ”” and 33% were occupied, according to RXR Realty Vice President-Project Executive Joseph Graziose. Preleasing, overseen by Greystar, began in April.
“It”™s been phenomenal,” Graziose told the Business Journal. “We saw an average of 30 to 40 move-ins in May and June and had a really successful July with over 50.”
Atlantic Station West is the final piece of a three-building luxury development that was conceived in 2016 and consists of two residential towers, as well as office and retail space. The first phase of the project was completed in January 2018 and includes 325 studio, one-, and two-bedroom rental units, 16,000 square feet of retail and 333 parking spaces.
Graziose said it stands at 98% occupancy and has witnessed “a lot of retention, which is really important in this market. It shows that the product we”™ve delivered is something people are interested in and like to stay in.”
That facility includes the site of the historic Stamford Post Office building, which now includes dog daycare Dogtopia and preschool franchise The Learning Experience. Some 30,000 square feet of commercial space remains available there, Graziose said, with negotiations now underway for a potential business office.
Atlantic Station West also offers 325 one- and two-bedroom apartments, measuring 492 to 1,303 square feet and monthly rents ranging from $2,380 to $5,298, along with 48,000 square feet of retail space.
“There”™s a real community feel” at the complex, Graziose said, with amenities, including outdoor fire pits, a resident lounge with full kitchen, fitness center and an indoor/outdoor swimming pool.
“Not only that,” he said, “but we”™re seeing a wide range of residents coming in ”” young professionals, empty nesters, young families. You go out back and see people sitting at their laptops and young children playing. Greystar has done a great job of marketing to both people visiting Stamford and longtime Fairfield County residents.”
While the city has long-established itself as a thriving entity, Graziose said an influx of people from New York City has served as a “bonus. There”™s been a need for multifamily, live-work-play in Stamford for a long time, and now we”™re seeing that need being met.”
Indeed, Stamford Director of Economic Development Thomas Madden recently told the Business Journal that “We can”™t build apartment buildings fast enough” and reported that the occupancy rate for all of the city”™s apartments stands at close to 97%.
Graziose said that the city will continue to benefit from the New York City exodus even as the Covid-19 pandemic recedes.
“Companies aren”™t necessarily demanding that you go into the office five times a week,” he said. “I”™m not sure that”™s ever going to happen again on a scale like we saw before.
“But New York City continues to be the center of New England,” he said. “There are people who are willing to spend a little more time commuting there three or four times a week than there were pre-Covid. But they know they”™re going to get more square footage here than they perhaps would in the New York City market.”
With the Atlantic Station now complete, is RXR, based in Manhattan, looking to add more to Stamford?
“We”™re satisfied with what we”™ve accomplished so far there,” Graziose said. “We do not have another project slated for Stamford, but we”™re always working on opportunities.”
He said the company is “actively looking at other locations in Fairfield County to potentially do something,” including the town of Fairfield.
“We will continue to focus on transit-oriented development, so anywhere that”™s near a Metro-North station makes sense for us,” he said.
