STAMFORD -- After two years of speculation and a recession that crippled the real estate market, plans are under way to seek city approval to build a residential development on one of downtown Stamford's high-profile corners, the 3.2-acre site at Tresser and Washington boulevards that formerly housed The Advocate newspaper.
Greenfield Partners, a real estate investment firm based in South Norwalk, has met with city officials to propose a roughly 4 1/2-story complex with about 350 rental units of housing, according to two representatives for the project, William Hennessey, an attorney, and Richard Redniss, a planning consultant.
The site is steps away from two of the city's largest and most prominent employers, UBS and RBS, as well as the Stamford train station.
"The location is really fantastic for housing," Redniss said. "We have plenty of office and jobs in the area, but we know we don't have enough housing."
The ground floor would be composed of live-work units, a hybrid category that enables occupants to use the spaces for both professional or residential uses, like a yoga or music studio.
A general development plan is be officially filed in the next two weeks, Hennessey said. The building is to be designed by Philip Koether Architects, of New York.
Robin Stein, the city's Land Use Bureau chief, said he could not comment on specific parts of the plan until it was submitted. But in general, he said, the city was "supportive of more housing downtown" and had been hoping to see projects that would benefit redevelopment of Mill River Park.
Because the site is considered part of the Mill River Corridor, a tax increment financing system dictates that a portion of its property taxes go toward funding park improvements.
The financial mechanism and the boundaries of the corridor were established as part of a broad redevelopment strategy approved by the Board of Representatives in 2001.
But the special designation also means the project will undergo a lengthier approval process. In addition to going before the planning and zoning boards, the project must have its zoning applications reviewed by the city's Urban Redevelopment Commission, which oversees development in the Mill River Corridor.
Greenfield Partners on Friday initiated a critical step in the city approval process by applying to change certain zoning regulations pertaining to the area defined as the Mill River Design District.
The group is asking to increase the required number of affordable units from 6 percent of the total number of housing to 9 percent. It is also seeking to eliminate the requirement that a certain number of those units be affordable to those making less than 50 percent of the area median income, which is $61,150 for a family of four.
Developers in the Mill River Corridor are required to make their below-market units affordable to a range of income groups, from those making 25 percent of the area median income to those making 60 percent of that figure.
The revision to the Mill River regulations would make developments subject to a zoning amendment passed last month, which established a tier system of affordability. Under those rules, developers can build units marketed toward families who earn either 25 percent, 60 percent and 80 percent of the area median income. It uses a formula that weights each type of unit and effectively rewards developers who elect to serve poorer families.
Because these changes affect the 2001 Mill River Corridor redevelopment plan, they must also be approved by the city's Board of Representatives.
Hennessey said that representatives for the developer hope to present its plans before the Urban Redevelopment Commission and the Board of Representatives sometime in May.
The building is now zoned under two different categories: general commercial and residential.
Discussions regarding the prominent downtown corner go back as far as two years ago.
In April 2008, Southern Connecticut Newspapers Inc., which was owned by Tribune Co., sold the property for $15 million to SG Stamford LLC, according to city property records. SG Stamford is owned by Greenfield Partners, Hennessey said.
The three-story steel-frame building was built in 1981 to serve as an all-encompassing working facility for The Advocate.
Before that, an apartment building known as the Ambassador Arms stood on the site for more than 50 years and had been occupied by well-to-do classes.
But the residential complex deteriorated over time. In 1977, it was condemned by city health officials, who said it was unsafe and vermin-infested.