The luxury apartment units at The Moderne in Stamford are officially ready for occupancy.
Late last month city officials and representatives from RMS companies, which owns the building, held a ribbon-cutting ceremony, celebrating the latest apartments to open in Stamford.
The building is RMS”™s third luxury apartment building to open in Stamford in the last three years. The company also built The BLVD and Parallel 41 in Stamford, plus other properties in Norwalk and two Hotel Zero Degrees.
“Downtown Stamford has become a great place to live,” said RMS owner Randall Salvatore. The company”™s units mostly appeal to the young, upwardly mobile demographic that previously would likely have rented in Manhattan.
“Now Stamford has everything they”™re looking for,” Salvatore added. “That”™s why we”™re having so much success. There”™s an influx of people moving into Stamford, whereas you used to have to go to Manhattan for the same downtown experience. Now you can go to Stamford.”
Located a couple blocks north of the hustle and bustle of downtown, the building includes a total of 58 one-, two- and three-bedroom units. Stacked with amenities such as a gym, entertainment areas and a theater, rent starts about $2,000 a month for a one-bedroom apartment. Some 31 units had been leased even before the ribbon cutting.
Since RMS shifted its focus onto rental properties following the housing crash, Salvatore said his company has grown by roughly 50 percent. He has no plans of slowing.
By early spring RMS is opening a sister apartment complex to The Moderne on 750 Summer St. and the group plans to announce more developments in the upcoming weeks.
“This is just a clear indicator of the strength of Stamford,” said Jack Condlin, president of the Stamford Chamber of Commerce. “Just as you have seen commercial real estate growing, you see the residential side growing, too.”
Condlin said ever since then 1980s the city”™s master plan included more rental units. Within the next five to 10 years, he also expects the city to become the state”™s largest populationwise, outpacing Bridgeport.
RMS may have only started its emphasis on apartment units after the housing crash, but its new units are filling in a pent-up demand, he said. It”™s a part of a natural cycle.
“These buildings are filling up; it bodes well for the city,” Condlin said. “And this all happened at the end of the worst economic downturn the country has experienced since the Depression. But we”™re still able to see continued growth.”
