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November 3, 2005 Stamford, CT - November 3, 2005: Mayor Dannel P. Malloy today joined James Cabrera, partner and co-founder of Antares Investment Partners, to commence demolition activity at the former Pitney Bowes complex in Stamford's South End. The formal beginning of demolition represents the first step in a multi-year revitalization initiative expected to attract $2.0 billion in new investment and trigger a development that "meets the residential needs of a diverse urban community." Flanked by construction equipment and wearing hardhats, Mayor Malloy and Mr. Cabrera ceremonially initiated the first stage of the South End revitalization process by using crowbars to dislodge and lift out cut-up sections of asphalt pavement in preparation for offsite removal. The first stage will also include lead paint and asbestos removal from the buildings. "Today marks 'day one' of the renaissance of Stamford's South End," said Mayor Malloy. "Leveraging private sector investment, we intend to tap this waterfront community's potential as a dynamic, mixed-use neighborhood that provides new housing, generates new tax revenue, and contributes to Stamford's world-class quality of life." Demolition activity will focus on the Pitney Bowes industrial site. The 22-acre property has been largely unoccupied since 2004. A majority of the structures on the site are expected to be leveled by May of 2006. Mr. Cabrera said Antares will work in concert with City of Stamford officials to initiate a unified, multi-site zoning process. The company also pledged to Mayor Malloy that it will coordinate with City officials to ensure a planning regimen that is "accountable and open to public input." "We share Mayor Malloy's tremendous confidence in the future of the South End," said Mr. Cabrera. "Working in partnership with the City of Stamford, Antares is committed to creating one of the most attractive and transit-oriented urban neighborhoods in the United States." "We also embrace Mayor Malloy's goal of setting in motion a planning process that is accountable to the public interest, remains open to community input, and results in a lively and accessible urban community," Mr. Cabrera said. Antares Real Estate has purchased three South End parcels comprising a total of 82 acres over the past nine months. The company acquired the 22-acre Peninsula Bay site in March, the 40-acre Admiral's Wharf area in June, and the 20-acre Yale & Towne site in October. Within the next two months, Antares expects to select a master planner for the three sites. "Antares is honored to bring our passion for world-class design, quality construction, and customer satisfaction to the Stamford waterfront," said Joseph P. Beninati, partner of Antares Investment Partners. "When complete, the South End will be one of America's most exciting and well-conceived communities. Our goal is to transform this location into a vibrant place that generates jobs, tax revenues, and a sense of community for all of us who live in this great state." Mayor Malloy said he expected that new residential opportunities in the South End would help Stamford meet the housing needs of new corporate employees relocating to the city, as well as local residents representing a variety of income levels. He also anticipates that the project would take advantage of nearby public transit opportunities. A leader in a full range of real estate assets and services, Antares Investment Partners manages a multi-asset real estate portfolio valued at approximately $3.0 billion. The company is engaged in real estate investment, development, construction, management, brokerage, leasing and sales, and participates in business partnerships with leading capital sources in the real estate industry.
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