The old real estate saying that the waterfront is a sale”™s best friend is playing out in a big way in Stamford.
Building and Land Technology, a Stamford-based real estate and property management firm and the developer for Stamford”™s Harbor Point neighborhood, has tapped into the area”™s most prominent geographical resource ”” the Long Island Sound ”” to begin building a $3.5 billion mini-metropolis geared toward the modern urbanite.
The 322-acre redevelopment of the former industrial shoreline on the city”™s South End has, in its seven years of reinvigoration, been slowly transformed into a major selling point for a city hoping to attract a wave of young adults, empty-nesters and others who are transforming the nation”™s city landscapes.
- The Harbor Point development in Stamford. Photo by Evan Fallor
Bars with more than 500 beers on tap and in their coolers have opened; restaurants with outdoor seating now occupy Harbor Point Road; luxury apartment buildings taller than some of Stamford”™s downtown buildings and fitted with sundecks, gyms and billiard rooms have been built.
Most recently, April 9, Stamford Mayor David Martin and BLT CEO Carl R. Kuehner III held a ribbon-cutting ceremony for The Beacon Harbor Point, a 240-unit, 21-story luxury rental apartment building a clamshell”™s throw from the Long Island Sound.
Ted Ferrarone, chief operating officer of Harbor Point, called the Beacon the area”™s first “true waterfront building,” which joins the eight other 200-plus-unit apartment buildings that now occupy the neighborhood.
“The Beacon brings us to more than 2,350 apartments and those new to living here ”” and visitors alike ”” are going to have a wide variety of events, shopping and restaurants to choose from,” Ferrarone said. “It continues to evolve as a true 24/7 location.”
According to statistics provided by BLT, the average household in the region spends $95,300 per year on expenses. Of that annual figure, roughly $5,900 is spent on dining out and another $5,400 goes toward entertainment.
In the eyes of Thomas Madden, the city”™s economic development director, Harbor Point is an urban oasis for commercial and residential prosperity. He said the key was not only opening restaurants that cater to a younger crowd like World of Beer and the Paloma restaurant, but also opening up access to the waterfront, including a planned three-mile walking path along the coast.
A trolley service running from Harbor Point to Stamford Transportation Center and downtown Stamford is available for both residents and those from other areas enjoying a night on the town.
“All the businesses are making sure to cater to the residents of the area,” Madden said. “They”™re trying to make the transition for them as smooth as possible.”
Despite the recent influx of commercial and residential properties, the urban redevelopment project began by the city in 2007 is far from complete.
Vacant storefronts still beckon tenants. One, on a ground-floor window, calls for a bank. Another clamors for a bookstore. Cafes also are sought.
One Harbor Point Square, a 261,000-square-foot office and retail building, is still only 47 percent leased, according to BLT. Its 140,000-square-foot neighbor, Two Harbor Point Square (at 100 Washington Boulevard), is 95 percent leased.
- The Beacon Harbor Point, a 240-unit, 21-story luxury rental apartment building. Photo by Evan Fallor
On a recent blustery Friday afternoon, much of Harbor Point was quiet. But as warmer weather returns, Ferrarone said he expects foot traffic to increase.
“Harbor Point will become even more active this summer,” Ferrarone said.
The Fortina and Bareburger restaurants are expected to open by the summer and water taxi service between Harbor Point and Stamford Landing across the water begins Memorial Day weekend and will run through September.
Harbor Point was previously occupied by Pitney Bowes Inc. and Yale & Towne Manufacturing Co., with the Yale & Towne”™s one time presence embraced via The Vault at Yale & Towne and the Lofts at Yale & Towne, 225- and 252-unit apartment buildings in the neighborhood.
The Beacon has “a substantial waiting list,” according to BLT.
Its monthly rents begin at under $2,000 for a studio.
“It has to be priced right for the market,” Madden said. “If it”™s high, we”™re not going to attract people to come down here.”
This article has been updated to reflect that Two Harbor Point Square in Stamford is 95 percent leased. The occupancy percentage was incorrect in an earlier version.
