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September 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Atlantic Station latest addition to Stamford’s skyline

RXR Realty hosted a grand opening April 19 for the first phase of its luxury residential development, Atlantic Station, at 355 Atlantic St. in Stamford. The all-glass, 26-story tower, containing 325 residential units and 15,985 square feet of net rentable retail space, was lauded by Mayor David Martin as “just plain terrific.”

An architect’s rendering of RXR Realty’s mixed-use redevelopment of Atlantic Station in downtown Stamford.

“This is a section of the city that has languished a little bit in my opinion,” Martin continued, adding that Atlantic Station is a symbol of “what Stamford is becoming.”

“This project is an important part of our emerging submarket strategy,” said Seth Pinsky, executive vice president and investment manager of the RXR Metropolitan Emerging Market Strategy.

He said that the goal of that strategy, which was launched in 2013, “is to find markets where we can bring private capital – either to partner with the public sector or to build on public-sector investments – to create new services, employment opportunities and economic activity.”

Atlantic Station is RXR’s first Connecticut residential development. Along with projects in all five New York City boroughs, Westchester County and Long Island, the company’s submarket portfolio now includes nearly 2 million square feet of office space and “thousands” of residential units, he said.

Pinsky told the Business Journal that Stamford was chosen as the site of its inaugural Connecticut residential development due to its being well-connected by transit to New York City, its walkable streets, diverse population and the general rebirth that its downtown has been experiencing over the past few years. “Stamford checked every one of the boxes” RXR was looking for, he said.

When fully completed, the $140 million Atlantic Station will consist of two towers with a total of 650 rental apartments complemented by 50,000 square feet of ground floor retail and restaurants, plus an indoor parking garage that will accommodate more than 800 cars. The second tower should be ready to open next year.

The rentals in the newly opened building consist of 20 studios, 155 one-bedroom and 150 two-bedroom apartments, ranging from 490 to 1,290 square feet. All have 9-foot ceiling heights and high-end finishes and amenities, according to Louis R. Cappelli, chairman and CEO at Cappelli Organization, the White Plains real estate development and general construction company that brought RXR in on the project.

Pinsky said that rents range “from the low $2,000’s for studios to $3,000 to $3,500 for the larger two-bedroom units.” About a third of the units have already been leased, he said.

Atlantic Station also boasts 24-hour concierge service and is the first and only building in the state to offer Hello Alfred in-home concierge services. That New York City-based company offers tenants a dedicated assistant for services including such amenities as move-in assistance, in-home cleaning, package delivery and shipping, dry cleaning pickup and grocery shopping.

Hello Alfred co-founder and COO Jessica Beck said that RXR’s “commitment to quality and service is clear to see in all their projects, and we couldn’t have thought of a better partner to launch the Connecticut market with. They understand where the industry is headed and have shown they’re not afraid to be the first mover.”

Pinsky said that RXR would continue to look for other opportunities in Stamford.