The wait is over. Months after a decision was expected, the state has selected a developer to pioneer the transformation of the Stamford Transportation Center.
Plans announced last week by Department of Transportation officials call for a $500 million mixed-use development to replace the original parking garage that abuts the train station.
Stamford Manhattan Development Ventures (SMDV) will lead the project, with plans to replace the original garage with a hotel and mix of residential, retail and office spaces, split among three buildings along the train tracks. Parking to replace the 727-space garage and 300 additional slots would be split among the buildings.
DOT officials issued a formal request for proposals (RFP) in July to replace the parking garage and originally planned to select the developer by the beginning of 2013. The RFP was centered on the construction of a replacement garage, but included the option of developing the state-owned property surrounding the train station.
SMDV, composed of four separate companies, will be led by JHM Group of Companies, which is headquartered in Stamford. The group is best known for its work on the genesis of what is now Harbor Point and affordable housing in the city”™s South End.
“We want to create a place where people have outlets to both work and play without having to travel great distances or get in a car,” said Todd McClutchy, senior vice president of JHM. “We want this to be a model DOT transit-orientated development, not only for the state but for the northeast.”
Construction on the project will begin spring 2014 and is scheduled to last three years. A formal contract between the DOT and the development group is in the process of being finalized.
The development is expected to contribute to Stamford”™s profile as an emerging world-class city. But much of the project has been clouded by public outrage over possible changes to how far commuter parking would be situated from the station to make room for any new development.
With the announcement of SMDV as the developer however, DOT officials have told commuters to rest assured: The walk between commuters”™ cars and the train should be no longer than it is now, and could be shorter.
An additional 300 parking spots will be built and parking will be divided among three garages, all with direct access to train platforms.
There will be no temporary parking spaces during construction and there will be no overlapping parking between spaces for commuters and retail visitors, officials said. The parking garage built in 1985 will be demolished. However, the connecting garage built in 2004 will remain.
The state of Connecticut has budgeted $35 million for the demolition and construction of the parking facilities. The rest of the development costs will be paid for by the developers from private funds.
In response to commuter concerns, McClutchy said JHM has a proven track record of weighing all stakeholders”™ interests in their work dealing with the city of Stamford, its citizens and the state.
“I think that it”™s probably one of the biggest strengths we can bring to the table,” McClutchy said. “We”™re not just going to proceed willy-nilly or on our own accord. We”™re going to gauge the community and figure out what the right balances and mixtures to the project should be.”
The joint venture was also likely chosen as it owns additional property adjacent to the train station, which will be the Manhattan Street parking garage. The group acquired the land less than a year ago during the proposal process.
The development is slated to include 60,000 square feet of street level retail space, 150 residential units, 150 hotel rooms and 600,000 square feet of commercial office space.
McClutchy said the group doesn”™t have a timeline for when it will choose its anchor retail tenants, but has already initiated conversations with 20 retailers that have expressed interest.
Stamford has a commercial real estate vacancy rate of 26 percent. However, Laure Aubuchon, Stamford”™s director of economic development, said she doesn”™t believe the new development will add to the problem.
While just over a quarter of all commercial buildings are unoccupied in the city, there”™s a nearly 100 percent occupancy rate in the space near the train station, Aubuchon said. The last six corporations to relocate to Stamford have all been in walking distance to the station as well.
“It”™s proven to be something that is very desirable,” Aubuchon said. “Train centers are becoming the hub of economic activity.”
As for the residential units, Aubuchon said a number of developers have built residential units in recent years and they all seem to fill up. To have an apartment right next to the train station should also generate a lot of interest, she said.
“The demand seems to be there,” Aubuchon said. “I would anticipate that they”™ll be quite sought after. They”™re the only one that will be literally at the train station.”
McClutchy said a project of this scale hasn”™t been completed in Stamford in years and will be competitive for new tenants coming from New York and several other communities.
“This Class A office space will set the bar for what Class A office space is in Stamford,” McClutchy said. “There is nothing quite as unique as this.”
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