Stamford Ritz construction on hold - Westfair Communications

st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; mso-ascii- mso-ascii-theme- mso-fareast- mso-fareast-theme- mso-hansi- mso-hansi-theme- mso-bidi- mso-bidi-theme-} The Stamford Ritz Carlton, slated to begin construction before the end of this year, now has a 2009 building timetable.

“The delay is not surprising given circumstances,” said Mayor Dannel Malloy. “We would have liked to have begun over the summer but not all things can happen right when you want them. It is a great project and it”™s going to move forward.”

The developers are FD Rich Company partnering with Cappelli Enterprises Inc. The Ritz Carlton is to be a hotel and residential condominium complex, much like the one recently erected in White Plains, N.Y., also a Cappelli project.

The yet-to-bloom project is to include a 200 room Ritz Carlton hotel and 300 condominium residences. It will also consist of 70,000 feet of retail space including the restoration of the Atlantic Street Station Post Office.

Neither Thomas Rich nor Louis Cappelli could be reached for comment concerning the delay.

According to Malloy, the city has given the go-ahead to the project and it is now up to the builder at how fast the Ritz progresses.

Considering the state of the luxury market in Stamford, Malloy said it”™s important to keep the delay in perspective in gauging the market.

“I think the luxury market is strong compared to elsewhere,” said Malloy. “Things are selling in Stamford. Over at Trump Parc, a unit every week or two weeks is selling, and if the Ritz came on it would do well also.”

Malloy said the delay may be more a problem of commitment or the shifting availability of money, but that the builder”™s safety would not be of concern.

The recent safety issues surrounding another FD Rich project, the Trump Parc, have elevated the Ritz Carlton project”™s safety profile since it began site demolition at the beginning of the summer.

In the past three months, construction debris from Trump Parc has fallen to the street four times, prompting the city to tighten supervision at the site. Construction has resumed only on floors closed in by windows. On higher floors where windows have not been installed, crews are permitted to do only safety-related work.

“We have not been happy about the safety issues,” said Malloy “The builder is now under tighter raps than anywhere else they”™ve ever constructed, and we think that they”™ll live up to those standards in the future.”