As downtown Stamford booms with new businesses and an expanding nightlife culture, market demand for rental apartments has increased as more young professionals are drawn to the city.
Randy Salvatore is one developer who has answered the call with construction of amenity-laden apartment buildings such as Parallel 41 at 1341 Washington Boulevard.
Salvatore, the founder and president of RMS Cos., bought the property Sept. 30 and nine months later is delivering a 124-unit apartment building that will celebrate its grand opening June 27.
Meeting evolving demands for luxury living in the area is a key part of the mission behind all of the projects by RMS Cos., a Stamford-based firm specializing in construction of residential and commercial real estate properties in Fairfield County. The firm is behind other highly designed buildings such as the boutique Hotel Zero Degrees, The Blvd Apartments and 100 Prospect in Stamford.
With some developers”™ interest pointing toward real estate in Stamford”™s South End neighborhood, what drives Salvatore to continue to favor creating products in downtown Stamford?
“I just think that downtown is really where people want to be because you have 85 restaurants that you can walk to and it creates a New York City lifestyle here. That”™s why you move to New York. You walk out your door and have everything here,” he said referring to the food culture, nightlife, parks, theaters and walking to work or the train station.
“I think today you need to differentiate yourself from the competition. There are a lot of products coming out on the market ”“ and a lot of good products. We know we have a great location and we have great apartments, so we want to have great amenities, too,” Salvatore said.
Some of Parallel 41”™s special features include: a movie theater complete with a 120-inch screen, leather seating, tiger-print carpeting and a popcorn machine; a rooftop deck with lounge chairs; ipe wood flooring; outdoor showers and two outdoor televisions; a fitness center plus personal trainer services; sunrise and sunset rooftop yoga programs; free Wi-Fi in all common areas; a 55-inch touch-screen lobby kiosk for both apartment-seekers to view floor plans and residents to view a city guide and services; a game area and a coffee bar made of recycled glass.
“This is very social building,” said Cheryl Farley, property manager of Parallel 41. She expects the building will attract young professionals, graduate students and professors from UConn, couples as well as singles, roommates and divorcees.
“Residents can really come down here (to the first floor) and enjoy themselves and we”™ll host activities. We”™ll do barbecues and movie nights,” Farley said.
“When I look at what I did in the past, which was great for that time, I want to create something that”™s more in keeping with what the tenants want today,” Salvatore said
The tenants “will be a mix,” he said, but “clearly the rental population in Stamford right now is very much young professionals so we want to create a place where they can gather together and hang out and meet people because people work all day and they want to come home and have a place where they can meet and also have diverse things to do.”
The attention to amenities continues in each apartment, which were decorated by Julia Walkters-Curanaj of JL Design Associates. The smallest option is a 734-square-foot, one-bedroom with 9-foot ceilings for $2,080 while the largest is a 1,436-square-foot two-bedroom plus loft space with 20-foot ceilings and private roof deck for $3,830. The airy apartments feature oversized windows, Juliet balconies, energy-efficient washers, dryers and dishwashers, white porcelain island countertops, large walk-in closets, slate-tile in the spa-inspired bathrooms and track lighting. Each room is filled with “great little modern twists,” Salvatore said.
“Each unit is a little bit different and that”™s what creates character.”
Another important aspect of Parallel 41”™s upscale living is its environmentally friendly design accents such as bamboo flooring and energy-efficient lighting, appliances and toilets.
“I think in general all the new products added more demand, which brought new people to town and so more good housing brings more restaurants, brings more good housing. It kind of keeps going,” he said. “And you know, there”™s always competition, but I think what we”™ve created here is the best product in a great location, too. Some of our competitors have one or the other. And we”™re priced competitively.”
Salvatore says Parallel 41”™s apartments are close to 20 percent occupied now, noting, “I feel very confident in this project and so far the feedback has been really great.
“Scale-wise we”™ve done similar projects, but I think with every project you try to do something that”™s the next generation of things, so I think with every one of our projects, every one gets a little bit better.”
[Editor’s note: An earlier version of this article incorrectly stated that the property at 101 Park Place in Stamford is owned by RMS Cos. The property is owned by Building and Land Technology.]
