 |
||||
|
May 18, 2008 So much can happen between now and a decade from now, when an envisioned coal-to-diamond transformation of the South End of Stamford is to be completed. Our more cautious side guards against getting hopes up. But it is important to point out that the developer that aims to change 82 largely brownfield acres into a living/playing/shopping/working oasis on the water has done a lot right in its dealings with the city. As the approval process on part one of the massive project moves forward with a public hearing tomorrow night before the city Zoning Board, it's hard not to get a little giddy that this promising and much-needed renewal is drawing nearer. The city just needs to make sure it's protected before the face lift begins. It's staking much of its future success and reputation on the developer, Greenwich-based Antares Investment Partners. The developer has presented Stamford with a pretty sweet deal. In addition to the development's hotel and tons of new living, retail and office space, the city itself is to receive about 11 acres of public parkland in the South End, as well as infrastructure improvements, as part of the project. To make that happen, however, it will have to approve the creation of a special taxing district in order to cover the cost. The district would allow Antares to issue $145 million in private, tax-exempt bonds to improve roads, sidewalks, sewage lines and parks. For the city's part, it would spend half of the future tax earnings from the property to pay back the bonds. The city would not guarantee the bonds, however. That would fall to Antares, which means Stamford would not be financially liable if the project were not finished and the debt not repaid. That's a good deal, especially when you consider that infrastructure in that part of the city would eventually have to be redone anyway, development or not - it's the nature of pipes, sidewalks and roads. The special taxing district is a good idea. However, finances are not the only issue here, and not the only potential risk. The question remains: What is to become of the South End if Antares does not perform? If improvements to parks, roads, etc. are left half-finished, or the skeletons of buildings sit on the skyline for years because the economy is bad and they can't count on getting tenants? Cities across this country are scarred by the unfinished husks of would-be buildings, that in the long run only made a bad situation worse. If the project works as it should, all is great for both Antares and Stamford . It was a good bet by the city. However, Stamford is staking its reputation as a successful city on the performance of a private entity; it needs some way to be sure that reputation won't be devalued if something untoward occurs. Antares has a good track record. In its 12 years of existence, it has become one of the most successful developers in the region. But, like anything, it's not perfect. In January, for example, Antares, under threat of foreclosure, sold at a loss two Greenwich apartment buildings it was renovating and converting into condominiums. But its performance in Stamford so far is cause for faith. Antares is proving itself to be intent on doing things the right way. It has donated land at the development site for a new Waterside School , a private elementary school that was founded in 2001 to offer high-quality education to low-income families. And it worked with the city and the Loft Artist Association to enable that cherished Stamford institution to remain in the South End. Public parks, infrastructure, school, artists - all indicate a developer working to become part of a city instead of just making a money grab. A lot can happen over the next 10 years. Big, big plans are afoot. But there is good reason to be hopeful for the future of Stamford 's South End. |
 |
|
|
