Continuing the discussion from STAMFORD, CT. | Stamford Core Redevelopment:
Published 10:14 pm, Wednesday, October 1, 2014
STAMFORD – After nibbling at the northern edges of the downtown with a series of successful mid-sized rental buildings, Stamford developer Randy Salvatore is now back with another residential project, only this time he has set his sights on the very heart of the downtown.
Salvatore, who runs RMS Properties, has submitted plans to construct 122 units in a six-story apartment building at the corner of Washington Boulevard and Rippowam Place.
The estimated $50 million project will be built on a 1-acre site that sits on the same block as the Stamford Government Center. Owned for decades by the Lotstein family, the parcel has long been considered to be one of the key corners of the downtown with its proximity to Columbus and Mill River parks. The site is also well within walking distance of the train station.
Salvatore has said he has a contract to buy the property from the Lotsteins, pending zoning approval. He declined to disclose the agreed-upon purchase price, but said it was “in keeping with the market.”
With the plan, Salvatore joins a growing field of developers that are altogether planning to construct more than 2,000 new units of housing in the downtown core.