The Connecticut Department of Transportation (CDOT) has selected Stamford Manhattan Development Ventures L.L.C. (SMDV) as the preferred developer for a $500 million transit-oriented development (TOD) project at the Stamford Transportation Center.
The department now is in preliminary negotiations with SMDV on a formal design and construction plan for the project, which will transform the transit center into a commercial, residential and retail complex, CDOT officials said in a press release.
The department expects to complete negotiations and sign a contract with the firm in fall. Construction would begin in spring 2014.
New parking would be added within three years of the contract, for which the state will contribute $35 million in bonds. Debt and equity financing for remaining costs beyond the parking facilities will be provided by SMDV, officials said.
The rest of the development would be completed in phases over the next few years.
As envisioned, the TOD project would include 600,000 square feet of commercial office and 60,000 square feet of street-level retail space, a 150-room hotel and 150 residential units.
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