A troika of Buffalo, N.Y.-based companies ”“ Ciminelli Real Estate Corp. (CREC), LPCiminelli (LPC), and Allpro Parking ”“ announced they are part of a larger Connecticut-based group that has been selected by the Connecticut Department of Transportation as the preferred developers of a major transit-oriented project, the $500 million, multiyear re-development of the Stamford Transportation Center.
As presently envisioned, the transit-oriented development will include about 600,000 square feet of commercial office space, 60,000 square feet of street level retail space, a hotel with approximately 150 rooms;and about 150 residential units. When complete in 2017 the project is expected to transform the Stamford Transportation Center into a complex of commercial, residential and retail development at the city”™s main rail and bus transit hub.
The group, Stamford Manhattan Development Ventures (SMDV), is a venture of several real estate-related companies, including the three Buffalo-based outfits.
The state transportation department is now engaged in contract negotiations with SMDV on a formal plan of design and construction.
CREC will serve in a co-developer role and manage the property upon completion, LPC will serve as construction manager and Allpro will consult during the design phase and oversee all parking functions upon completion.
“Being a part of SMDV provides an opportunity to work with a number of outstanding national and international companies on a truly innovative project,” said Paul Ciminelli, president and CEO of CREC. “Our property management platform is already in the Connecticut market, but this project also expands our development footprint in the Eastern U.S. We look forward to being part of the team.”
The Department of Transportation expects to complete negotiations and sign a contract with SMDV this fall. Construction would begin in the spring of 2014. New parking would be constructed and in service within three years of the contract. The rest of the development would be completed in phases over the next few years. It is anticipated that the project will total in excess of $500 million. The state of Connecticut will contribute $35 million in bonds specifically for parking facilities. Debt and equity financing for the balance of the cost of the project will be provided by SMDV.
The Department of Transportation received multiple responses for its request for proposals (RFP) and has spent the last several months evaluating them. SMDV”™s proposal emerged as the most responsive to the RFP”™s requirements, according to the transportation department.
