Although I don't have a crystal ball (I have to preface with this because of what we just went through), I only see things continuing to grow and prosper in Stamford (I was born and raised here so I have been through F.D. Rich, Frank Mercede etc.). Nobody knows what the future holds but with the news we have already which I will elaborate on and the evidence we have already seen, all signs lead to a bustling Stamford in the years to come, in a sense a mini NYC is what it is turning into. I don't see a slow down/slump at all.
Recent news about Bridgewater consolidating its offices and moving to Stamford has created a lot of buzz. I recently sold two units for this reason alone. This will bring thousands of employees to Stamford that are currently working in Westport, Wilton . . . These folks will want to go out after work and socialize so the restaurants that are already present downtown and the south end will only prosper even more. They will also need to shop as well.
Virtually every young person I rent to wants to live close to downtown or a short cab ride to downtown for their weekend night out. I have not seen a trend like this in years, many even relocating from the NYC area because you get more for your buck. There have been well over 2,000 rentals done within the past few years in the south end. I think those numbers speak volumes.
When BLT starts to build the units for sale along the water that will be the indicator whether or not folks are willing to pay a premium to live in the downtown area (sadly we all saw what happened with Trump and High Grove). I believe those units will sell because of the shift we are going through now. The timing has to be right.
I do both commercial and residential and recently placed a business in the Fairway Market area, the commercial sites seem to be renting at a very good pace.
I don't see as much "revitalization" going on in the West Side yet, yes there are a few new(er) developments but its time will come.
Regarding the East Side, there are a few new(er) buildings and I personally think that this area is next for a "revitalization".
I hope I was able to answer your question, unfortunately I couldn't cast too many negatives on what is currently going on to play devils advocate because I personally don't see the negatives at this moment.
All the best,
Melodye Colucci, Realtor
William Raveis Real Estate
If you wish to view Stamford's master plan on developments for the city you can check out their web site: http://www.stamfordct.gov/planning/pages/master-plan
Stamford developers continued to successfully build a few new rental developments both in the Harbor Point area and downtown during the tough economic times the past few years. Many municipalities put their development plans on hold but Stamford recognized the need for more rental properties and continued to move forward. That speaks to a brighter future for Stamford.
The study on building a train station on the east side would bring in further development to the area. Check out this web site for more information: http://www.swrpa.org
Prudential Connecticut Realty
With that being said, the new development projects that are happening around Stamford can only be advantageous to the community as they are relieving us of the eye sore brown stones, burnt out buildings, and decrepit homes that are far past saving that have cluttered the harbor, and turned them into beautiful new buildings with pride of ownership and use.
The rental revenues help the city, along with new construction that is lacking in our town for the people that want and are willing to pay top dollar for itâ€¦. Only down side I could see if they are unable to lease the commercial spaces and they sit vacant to longâ€¦ other than that itâ€™s a win, win for everyone!
When they complete the park it will be a major attraction very similar to Central Park with many attractions for family fun, and a wonderful ice rink. The park will also have full security on site day and security cameras for full surveillanceâ€¦
What can be the down side to this?
I see all good news. Stamford is strong and growing stronger. New development is good. Will there be bumps in the road? Certainly. Can another recession result in empty commercial space and lower rents again? Even abandoned buildings at some point? Of course. There is no end to fantasizing about possible negatives. But growth and development are positive for Stamford and surrounding towns. Tons of needed jobs right now putting lots of folks to work.