Stamford, CT - Stamford Mayor Michael A. Pavia announced today the resolution of a decades old development problem with the sale of the 4.3 acre Parcel 38, aka “the hole in the ground” to a development group headed by the F. D. Rich Company and Ironstate Development.
“Beginning with my campaign, I well knew what an economic and emotional issue this blight in the downtown was for our City.” Since coming into office my administration has gone down several paths in attempting to find a solution. Over a year ago I had discussions with Tom Rich and was aware of his active involvement in crafting a project for this space. In addition we had meetings with the property owner, the Milstein family in New York, to continue to press them to conclude a deal. I am incredibly happy that we have kept this promise to the citizens”, said Mayor Pavia.
The project team is comprised of two developers, the well-known Stamford based, F.D. Rich Co under the leadership of its third generation President and CEO, Thomas L. Rich and the Ironstate Development Co, one of the largest privately held real estate development companies in the Northeast headed by David Barry, President.
F. D. Rich, one of Stamford’s major developers specializes in the creation of complex mixed- use urban and suburban development projects. The company has built over 50 million sq. ft. in 25 states. “We are very excited to have the opportunity to turn the long- vacant property nicknamed the “hole in the ground” into an exciting mixed-use development featuring hundreds of apartments, accessible street- level retail space with supporting parking and potentially a new limited service hotel. Parcel 38 is literally the ‘hole in the doughnut’ surrounded by a one million square foot regional mall, millions of feet of office space and within an easy walk to everything that makes Stamford the cosmopolitan 21st century city that it is today. We have the right teammate in Ironstate, we have an exciting new planning concept and downtown Stamford has emerged after a 45 year renewal effort as a city that people are now clamoring to live in. I am very confident that we have all the pieces assembled to enable this spectacular, but long empty piece of real estate to live up to its full potential as a contributing property on the downtown scene.” said Tom Rich.
Ironstate Development is based in Hoboken, NJ and has a multifamily portfolio comprised of apartments, condominiums, retail and recreational spaces in key urban areas. Ironstate has approximately $1 billion in its development pipeline.
“While Stamford will be our first project in Connecticut, we are committed to bringing to Stamford our vision and concepts for urban living which reflect the needs and desires of 21st century city living,” said Mr. Barry.
The architect of the project Concrete Amsterdam has designed projects from New York to Asia and has a “one concept philosophy” to create dynamic works of art in urban centers.