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INVESTMENT OPPORTUNITY
57, 63 & 65 STILLWATER AVENUE STAMFORD / CT
C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M
CONTENTS
INVESTMENT SUMMARYPROPERTY OVERVIEWPROPERTY SITE PLAN
ZONING INFORMATIONLOCATION OVERVIEW 9
6
5
4
3
CONTENT
5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E
S T A M F O R D / C T
2
FOR MORE INFORMATION, PLEASE CONTACT:
Alex Haendler
Director
203.653.1744
ahaendler@rhysre.com
Greg Romano
Senior Vice President
203.653.1757
gromano@rhysre.com
S U M M A R Y
RHYS has been retained as the exclusive broker to sell three contiguous properties located
at 57, 63 & 65 Stillwater Avenue in Stamford, CT. The properties are a combined 20,001 +/-
square feet of retail, storage and residential on .58 +/- acres. The property is well positioned
for a multitude of uses including, residential redevelopment, owner/user, or a value-add
investment vehicle.
The 6 residential units are 100% occupied with rents substantially below market. The
commercial buildings are roughly 30% occupied by a single tenant.
Located within walking distance to the new 750,000 sf + Stamford Hospital, the heart of
downtown Stamford, University of Connecticut’s Stamford campus and the Mill River Park,
the property is attractive to a variety of tenants.
The property is located in the Village Commercial (V-C) zone, which allows for an FAR of 1.5,
a maximum building coverage of 50% and a minimum average unit size of 500 square feet.
Please see zoning information on page 6 for further details.
T H E C I T Y
Stamford, Connecticut is a 24/7 live, work, play city with over 20,000 apartment/
condo units, over 100 restaurants, two on Broadway theaters and the newly formed
Mill River Park. The city has experienced unparalleled growth in the last decade, which
is continuing with over 3,000 more residential units either under construction or in the
planning stages.
T H E O P P O R T U N I T Y
The property represents a unique opportunity for a purchaser to acquire a cash-flowing
redevelopment site, an income producing property at a competitive price per square
foot, or an opportunity to reposition the existing commercial space and increase
in-place rents.
A S K I N G P R I C E
The Property is being offered for sale at $2,200,000.
INVESTMENT SUMMARY
INVESTMENT SUMMARY
I N V E S T M E N T H I G H L I G H T S
| Walking distance to a vast number of amenities including Stamford’s bustling downtown,
the recently expanded Stamford Hospital, Mill River Park, and UCONN Stamford’s
expanding campus.
| Unique opportunity to capture appreciation through the gentrification of the area
surrounding Stamford Hospital and Mill River Park
| Capitalizing on a strong and growing demand for workforce rental housing.
| Cash flowing asset providing an investor with income through the approval process.
5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E
S T A M F O R D / C T
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BUILDING OVERVIEW
TENANT OVERVIEW
5 7 S T I L L W A T E R A V E N U E
TYPE: 6-UNIT MULTIFAMILY
Lot Size: .09 Acres
Building Size: 3,612 sf
Annual Rent: $43,500
Expenses: $20,000
MTM – no leases
6 3 S T I L L W A T E R A V E N U E
OFFICE/WAREHOUSE
Lot Size: .28 Acres
Building Size: 13,344± sf
Annual Rent: $61,644
Expenses: $33,000
Lease with church expires April 2018 with a
3 year renewal option (approx. 6,000 sf)
6 5 S T I L L W A T E R A V E N U E
RETAIL
Lot Size: .21 Acres
Building Size: 3,045 sf
Annual Rent: $0
Expenses: $25,000
T O T A L
Lot Size: 0.578 Acres
Building Size: 20,001
Annual Rent: $105,144
Annual Expenses: $78,000
NOI: $27,000
5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E
S T A M F O R D / C T
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PROPERTY SITE PLAN
SITE PLAN
5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E
S T A M F O R D / C T
5
ZONING INFORMATION
SPECIFICATIONS
1 1 . V - C V I L L A G E C O M M E R C I A L D I S T R I C T ( 2 0 8 - 4 0 ) 1 1 . 1 P U R P O S E .
The Village Commercial District (VC District) is adopted pursuant to Section 8-2 and
8-2j of the Connecticut General Statutes, as amended, and is intended to implement the
policies, goals and urban design principles articulated in the Master Plan of the City of
Stamford, calling for preservation and development of a sustainable, transit oriented and
pedestrian friendly “Main Street” character for the neighborhood centers of Stillwater,
Glenbrook and Springdale, including the development of new structures and uses with
appropriate architectural designs and the conservation and enhancement of the character
of existing buildings, sites, streetscapes and pedestrian environments. These regulations
serve to encourage development that reflects and/or retains valuable elements of the City’s
cultural, social, economic, political and architectural history and the promotion of a vibrant
commercial environment providing a broad array of amenities, services, and resources
essential to the neighborhood and community shopping needs of the City of Stamford, with
design controls to insure a compatible relationship to adjacent residential neighborhoods,
and assurance that infrastructure impacts will be mitigated. This is accomplished by the
establishment of design and use standards that apply to new and existing architectural
facades, sites and buildings, and review procedures which serve to preserve, restore and
enhance these resources, improve property values, promote and support a vibrant business
and residential environment, and enhance the architectural character and amenity of these
areas as the retailing, business, civic and cultural centers of the City’s neighborhoods. (210-
30)
1 1 . 2 A U T H O R I Z E D U S E S .
a. In the VC District, a lot or building may be altered, arranged, designed, erected or used for
any use permitted within the C-N Neighborhood Commercial District, including C-N special
exception uses, but specifically excluding Dwelling – Single Family; Dwelling – Two Family;
Boarding House, Rooming House; Auto Service Station; Laundry, Cleaning & Dyeing Agency;
Pawn Shop, Second-Hand Store, Auction Store; and Restaurant, Drive-In. In addition,
“Community Center”, “Theatre” and “Ice Skating Rink, Indoor” shall be permitted uses, and
"Café, excluding entertainment" shall be a use permitted by special exception provided that
the provisions of Section 14 of these Regulations shall not apply to any “Café excluding
entertainment” or “Restaurant excluding entertainment” within the VC District. Special
exception uses shall be subject to determination and approval by the Zoning Board. (210-30)
(216-04)
b. In addition to paragraph (a) above, the following uses may be allowed in the Stillwater
Avenue neighborhood by special exception only:
Apartment Building for the Elderly; Café including Entertainment & Liquors; Clinic,
Community Health Center; Colleges & Universities; Garages, Community; Hotel, Inn;
Nursing Home; Surgery Center/Out Patient; Food Catering; Gymnasium or Physical Culture
Establishment; Laboratories, research; and Restaurant including Entertainment & Liquors.
“Pawn Shop, Second-Hand Store, Auction Store” shall not be allowed. (210-30)
1 1 . 3 D E V E L O P M E N T S T A N D A R D S .
4 - 1 3
The following standards shall apply to the development of property within the VC District:
Required step-back above 3rd story or at 35’, whichever is less
Fig. 11.1: Required step-back
a. Minimum Lot Size:
b. Minimum Frontage:
c. Minimum Yards:
not less than twelve (12) feet from the established curb line; Rear – 20 feet; Side – None
required, but if provided must be at least four (4) feet (215-09)
d. Maximum Building Height: 4 stories and 45 feet, subject to an additional twelve (12) foot
step-back of the building facade, facing the street, above the third story or at a height of 35
feet, whichever is less. For all applications filed after July 1, 2015, the twelve (12) foot step-
back is measured from the plane of the building facade below. (see figure 11.1) (210-30;
215-09)
e. Stillwater Avenue Neighborhood Large Lot Development: On lots with an area of one (1)
acre or greater, located north of Stillwater Avenue, east of Stillwater Place and west of Spruce
Street, where the Zoning Board, in its sole discretion, deems appropriate, the following
standards may be allowed:
Continued...
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ZONING INFORMATION
SPECIFICATIONS
1 1 . 3 D E V E L O P M E N T S T A N D A R D S . C O N T I N U E D
Parking structures below grade or fully enclosed behind active uses or with roof or upper
deck not more than twenty-five feet above average grade and suitably enclosed and/or
landscaped and screened from pedestrian views to the satisfaction of the Board, may be
excluded from the calculations of building coverage and floor area. (210-30)
f. Minimum Building Height: Fourteen (14) feet to the top of the front wall
g. Maximum Building Coverage: 50% Parking structures with roof or upper deck not more
than five (5) feet above average finished grade, measured at the perimeter of the parking
structure, suitably enclosed and/or landscaped to the satisfaction of the Board, may be
excluded from the calculation of building coverage.
h. Floor Area Ratio: Building floor area shall not exceed a ratio of 1.50, defined as the total
gross floor area of all uses including dwelling unit area contained within buildings, divided
by the area of the lot, but excluding from such calculation portions of a building housing
mechanical equipment and the gross floor area of parking structures below-grade or fully
enclosed within the building behind solid facades, or with roof or upper-deck not more than
five (5) feet above average finished grade measured at
the perimeter of the parking structure, suitably enclosed and/or landscaped to the
satisfaction of the Board. Basement space dedicated exclusively to ground floor commercial
uses, not to exceed a Floor Area Ratio of .1 or the floor area of the ground floor commercial
use, whichever is less, may also be excluded from the maximum Floor Area Ratio calculation.
(215-26)
Residential Density: Residential density shall be determined by the maximum floor area
permitted, provided that the average floor area of dwelling units shall be not less than five
hundred (500) square feet.
j. Below Market Rate Housing: Proposed development establishing ten (10) or more dwelling
units shall provide not less than ten percent (10%) of the total number of dwelling units as
Below Market Rate (BMR) units, affordable to households earning not more than fifty percent
(50%) of the Stamford SMSA Median income, in accordance with the standards, definitions
and procedures contained within Article III, Section 7.4 of these Regulations; provided
however, that BMR units provided on-site shall be comparable in average size to the average
size of market rate units.
k. Parking, Loading and Vehicle Access: The amount, location and dimensions of parking and
loading and dimensions of driveways shall comply with the standards of Section 12 of these
Regulations, as modified by the following special standards applicable to development within
the VC District.
(1) Parking for residential dwelling units shall be provided at the following minimum rates:
one (1.0) space for every studio unit, one and one-quarter (1.25) spaces for every one-
bedroom unit, one and one-half (1.5) spaces for every two-bedroom unit, and one and two-
thirds (1 2/3) spaces for every three-bedroom unit.
(2) Parking for retail and/or personal service establishments shall be provided at the minimum
rate of three (3.0) spaces for each one thousand (1,000) square feet of gross floor area,
provided that there shall be no parking requirement for the initial 3,500 square feet of retail
business floor area for each parcel.
(3) Parking for non-residential uses may be reduced by one (1.0) space for every twenty-five
(25) feet of lot frontage on a public street right-of-way having a width of not less than fifty
(50) feet.
(4) Parking spaces shall be provided at a point not more than 500 feet distant in a direct line
from the nearest part of any commercial use served, and at a point not more than 1,000 feet
distant in a direct line from the nearest part of any residential use served.
Continued...
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ZONING INFORMATION
SPECIFICATIONS
1 1 . 3 D E V E L O P M E N T S T A N D A R D S . C O N T I N U E D
(5) Shared Parking: The shared use of parking may be permitted, subject to Special
Exception approval by the Zoning Board, where a finding is made by the Zoning Board that
individual uses such as residential, office, and retail will experience peak parking demand
at different times. In such cases, the Zoning Board may authorize a reduction in parking by
recognizing the opportunity to share common parking spaces, including off-street public
parking facilities, in accordance with the general methodology entitled "Shared Parking",
published by the Urban Land Institute in 1983, as amended and updated. Shared parking
may be considered for multiple uses on individual parcels as well between two or more
parcels, subject to Zoning Board approval of a suitable parking management plan and legal
agreement, recorded on the land records, assuring the continued availability of the shared
parking spaces on the affected properties for the life of the proposed development or use.
(6) When the total amount of parking required by these Regulations is in excess of ten (10)
spaces, the access driveways or roadways provided for access to a required off- street
parking area shall be not less than eighteen feet (18') and not more than twenty feet (20’) in
width between curbs for two-way operation and not less than ten feet (10') and not more
than twelve feet (12’) in width for one-way operation, provided further that in no case shall
parking be permitted within the required minimum width of any such driveway. Access to
parking areas serving ten (10) or fewer spaces shall be not less than ten feet (10') and not
more than twelve feet (12’) in width for either one-way or two-way operation.
(7) The standards of Sections 12-B and 12-C of these Regulations shall not apply. (215-09)
(8) Where fifty (50) or more parking spaces are provided, the Zoning Board, by issuance of
a special exception, may permit tandem parking, provided tandem spaces shall not exceed
twenty percent (20%) of the required parking. (215-09)
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LOCATION OVERVIEW STAMFORD, CT
9
S T A M F O R D C O N N E C T I C U T
Stamford is located in the coastal Southwestern portion of Fairfield County,
Connecticut. It is just 33 miles from New York City and is the main branch of the
New Haven Line on the Metro-North Railroad. The 2010 Census recorded Stamford’s
population as 122,643, but as of 2016, the population had risen to 129,113 making it the
third largest city in the state and seventh largest in New England.
Stamford is vibrant, culturally diverse, rich in history and is known for its thriving
economy, major transportation center and booming downtown district. Stamford is
also home to four Fortune 500 Companies, nine Fortune 1000 Companies, and thirteen
Courant 100 Companies, as well as numerous divisions of large corporations.
Accessibility is a key contributing factor for companies looking to relocate to Stamford.
With over 55,000 commuters accessing Metro-North and Amtrak lines daily, the
Stamford Transportation Center is a major transportation hub and the busiest train
station between New York City and Boston. Stamford is also located within 30-60
minutes of four major airports including LaGuardia, John F. Kennedy, Newark, and
Westchester, and is easily accessible from both Interstate 95 (Exits 6-9) and the Merritt
Parkway (Exits 33-35).
The city provides a wide-range of public transportation options including CTtransit
local and regional buses which link neighborhoods with urban centers and provide
connections within and between communities, and the Greyhound and Peter Pan
intercity buses. Stamford has an additional rapidly growing network of private shuttle
bus connections to employment and residential complexes. The Harbor Point Trolley is
a free form of transportation that connects Stamford Downtown and Harbor Point and
runs every day in a 14-stop, 30-minute clockwise loop. For those with personal vehicles,
there are more than 9,500 parking spaces in 15 locations around the downtown area,
making it convenient to work, shop and dine.
Stamford has a vibrant downtown area with restaurants, retail shopping and a variety
of entertainment. The central business district contains over 1.7 million square-feet of
retail space, 4 major hotels and thousands of residential units. There are more than 80
restaurants and clubs, hundreds of stores and services, movie and live theaters, galleries
and special events year-round, attracting thousands of people into Stamford regularly.
The Stamford Downtown Special Services District (DSSD) is responsible for creating,
managing and promoting a quality environment for people and has a mission to
enhance the economic vitality of Stamford Downtown. The DSSD’s 2016 Demographic
Survey indicates that 38% of downtown residents are between the ages of 25-44 with
a median income of $108,000, which adds significant buying power to the downtown
economy. The growth of the residential sector has transformed the atmosphere and
the economy of downtown, creating an active day and nighttime community. Today,
7,080 residential units (more than 10,000 people) exist downtown compared to 3,250
residences in 1992.
The Central Business District of Stamford is an economically thriving area with major
establishments including The Stamford Town Center Mall and the 772,000-square foot
University of Connecticut Stamford campus. The Stamford Town Center Mall is located
in the heart of downtown and is the eighth-largest shopping mall in Connecticut with
over 100 retailers. Additionally, the Harbor Point development in the South End of
Stamford is one of the largest private-sector development projects in the United States,
attracting retailers, hedge funds and thousands of new employees. With more than
217,000 jobs in Stamford, the city maintains the largest labor force in Connecticut,
and boasts unemployment levels that are consistently lower than the state and
federal unemployment rates. According to the Connecticut Department of Labor, the
unemployment rate in Stamford is currently 3.8% with a labor force of 71,142 people.
THE LOCATION 6 0 0 S U M M E R S T R E E T / S T A M F O R D C T
5 7, 6 3 & 6 5 S T I L L W A T E R A V E N U E
S T A M F O R D / C T
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TRAVEL TIME Transportation Center 0.7 miles / 4 min
I-95 S at Exit 7 0.5 miles / 3 min
Merritt Parkway 4.2 miles / 10 min
LOCATION MAP
57, 63 & 65STILLWATER AVENUE
STAMFORDHOSPITAL
MILLRIVERPARK
UCONNSTAMFORD
CAMPUS
STAMFORDTRANSPORTATION
CENTER
TOWNECENTER
MALL
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S T A M F O R D / C T
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A CITY ON THE RISE
The rapid and consistent growth that the City of Stamford has witnessed in recent years is due, in part, to the arrival of a young, prosperous, and well-educated labor force seeking a
plethora of new jobs, a vibrant lifestyle, and transit-oriented convenience to Manhattan. The relocation of multiple high-quality companies (of diverse industries) to Stamford further
solidifies the city’s status as one of the most desirable business hubs in the Northeast.
Stamford's unemployment rate has
been cut by almost half since 2010
(7.2%) and is significantly lower than in
any of Connecticut's other major cities.
The city's average household income
has increased by 11.6% since 2010 and is
well above state and national averages.
Stamford's population has grown by 5.3%
since 2010, making it the third largest city
in Connecticut and the seventh largest in
New England.
KEY DEMOGRAPHIC HIGHLIGHTS
129,113 $127,754 3.8%
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CORPORATE CLIMATE 6 0 0 S U M M E R S T R E E T / S T A M F O R D C T
STAMFORD TRANSPORTATION CENTER
GOVERNMENT CENTER
LANDMARK SQUARE
FUTURE HOME OF
RECENT NOTABLE CORPORATE ADDITIONS
Telecommunications
500,000+/- SF
406 Washington Boulevard
Biosciences
29,464+/- SF
333 Ludlow Street
Consumer Products
155,000+/- SF
200 Elm Street
Insurance
49,674+/- SF
200 First Stamford Place
Professional Services
29,000+/- SF
200 Elm Street
Entertainment Management
61,578+/- SF
290 Harbor Drive
Healthcare
61,000+/- SF
260 Long Ridge Road
Food and Beverage
43,500+/- SF
201 Tresser Boulevard
Financial Services
36,782+/- SF
400 Atlantic Street
Financial Services
137,953+/- SF
2200 Atlantic Street
Professional Services
118,000+/- SF
200 Elm Street
Apparel/Retail
91,000+/- SF
181 Harbor Drive
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AN EXPANDING LANDSCAPE
CHARTER COMMUNICATIONS
SIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION
UCONN STAMFORD DORMSURBY STAMFORD
Charter Communications is relocating its corporate
headquarters from 400 Atlantic Street in Downtown
Stamford to a new 500,000-square-foot facility built
by Building and Land Technology at 406 Washington
Boulevard. In exchange for incentives, Charter
Communications has committed to add more than
1,000 jobs in Connecticut and invest $100 million in the
state over the next seven years.
UConn Stamford’s first residence hall was completed
in August 2017 with a total of six stories and 116 units.
The student dormitory currently houses 260 full-time
students, most of which are in their first year at the
university. The residence hall has peaked student interest
and enrollment for the fall semester has increased from
2,100 to 2,300 students. Additionally, there was a 500
percent increase among incoming students who listed
the Stamford campus as their first choice. The size of
the incoming class has also grown to 550 students
compared to 370 in the previous year.
Known as the “hole in the ground” by Stamford residents
for decades, this 4.3-acre pit is being redeveloped into
an 11-building, 648-unit housing development known as
“Urby Stamford.” The project will be built in two phases.
The first phase will complete a majority of the project by
constructing 464 units. The remaining 184 units will be
built in phase two, and all 11 structures will be attached.
A 2,800-square-foot café is also planned for the site in
addition to other amenities.
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STAMFORD HOSPITAL MILL RIVER PARKHARBOR POINT
Completed in September of 2016, the redevelopment
of Stamford Hospital includes innovative technological
advances, new all-private patient rooms, an expanded
Emergency Department, as well as an Intensive Care
Unit. The hospital is now a centralized location for
its Heart and Vascular Institute, which is the only
cardiovascular health program in Lower Fairfield County.
Thanks largely to millions of dollars in donations
and the efforts of the City of Stamford and the Mill
River Collaborative, Mill River Park has recently been
transformed into a 28-acre, world-class urban park
that meets the recreational and civic needs of a diverse
downtown population. The park now provides areas for
active and passive recreation in a serene downtown setting,
including the recently completed Brownstein/Selkowitz
Pavilion that houses the Nissen Carousel. Ground was
recently broken on the Steven & Alexandra Cohen Skating
Center and Fountain, which will offer residents an outdoor
skating venue during the winter months and an interactive
fountain from the spring through fall, providing year-round
entertainment for all ages.
One of the largest active redevelopment projects
in the country, the $3.5 billion Harbor Point project
has transformed Stamford’s South End peninsula
into Connecticut’s most dynamic neighborhood of
luxury residences and Class A office and retail space.
Encompassing over 100 acres along Stamford’s
waterfront, Harbor Point has become a true “Live, Work &
Play” community, located just minutes from the Stamford
Train Station. There are over 2,360 existing apartments
in nine unique residential buildings, which will ultimately
grow to over 4,000 units. Paired with 1,000,000 square
feet of commercial space and 20 acres of public parks,
Harbor Point is the gold standard for mixed-use, transit
oriented developments.
AN EXPANDING LANDSCAPESIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION
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# DEVELOPMENT # UNITS
The Residence at Summer Street 104
9-43 West Main 110
Vela on the Park 209
Marriott Residence Inn 131
245 Atlantic 212
Atlantic Station Phase I 325
Atlantic Station Phase II 325
URBY Stamford 648
N.P. 1000 Commons Park North 392
N.P. Davenport Landing 218
N.P. Stamford Landing 108
N.P. P4/P5 435
# HOTEL # ROOMS
Hampton Inn & Suites Stamford 99
Stamford Suites Hotel 45
Courtyard by Marriott Stamford Downtown 115
Hotel Zero Degrees 97
Sheraton Stamford Downtown 375
Stamford Marriott Hotel & Spa 500
N.P. Stamford Crowne Plaza Hotel & Conference Center 448
N.P. Hilton Stamford Hotel and Executive Meeting Center 484
# DEVELOPMENT # UNITS
Parallel 41 124
The Moderne 62
Summer Place 48
The BLVD 94
Trump Parc Stamford 170
The Verano 58
Element One 175
The Summer House 226
66 Summer Street 209
UConn Stamford Dorms 116
75 Tresser 344
Bedford Hall 82
Highgrove 93
Glenview House 146
Eastside Commons 108
Metro Green Terrace 131
Metro Green Residences 100
N.P. The Key at Yale and Towne 107
N.P. 111 Harbor Point 228
N.P. Baypointe 109
N.P. Beacon Harbor Point 239
N.P. 101 Park Place 336
N.P. Infinity Harbor Point 242
N.P. Postmark Apartments 400
N.P. The Vault Apartments 252
N.P. 121 Towne Apartments 329
N.P. The Lofts at Yale and Towne 225
DEVELOPMENTS CURRENTLY UNDER CONSTRUCTION OR PROPOSED 12 DEVELOPMENTS TOTALING 3,217 UNITS CURRENTLY UNDER CONSTRUCTION OR PROPOSED
27 MULTIFAMILY DEVELOPMENTS TOTALING 4,753 UNITS COMPLETED IN LAST TEN YEARS
HOTELS IN THE AREA
DEVELOPMENTS COMPLETED IN THE LAST TEN YEARS
RESIDENTIAL DEVELOPMENTSAn increased desire to live in Downtown Stamford has resulted in the construction of many
new residential buildings. In the next three years, more than 3,000 units are planned to be
developed. The following pages showcase the various residential developments and hotels
within close proximity to the subject property, including developments completed in the
last ten years and those that are currently under construction or proposed.
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C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M
The information contained in this Offering Memorandum is confidential, furnished solely for the purpose
of review by a prospective purchaser of certain information relating to the property mentioned herein
(the “Property”), and is not to be used for any other purpose or made available to any other person
without the prior written consent of RHYS.
The material is subject to errors and omissions, and based in part upon information supplied by sources
deemed reasonably reliable. Summaries of any documents are not intended to be comprehensive or
all-inclusive, but rather, only an outline of some of the provisions contained therein. No warranty or
representation, expressed or implied, is made by Owner, RHYS or any of their respective affiliates, as to the
accuracy or completeness of the information contained herein or any other written or oral communication
transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is
assumed or to be implied in connection with such information or such other communications.
Without limiting the generality of the foregoing, the information shall not be deemed a representation
of the state of affairs of the Property since the date of preparation of the information. Prospective
purchasers should make their own evaluations, projections and conclusions without reliance upon
materials contained herein and conduct their own independent due diligence, including engineering
and environmental inspections, to determine the condition of the Property and whether the Property is
suitable for purchase and/or investment, as well as the existence of any potentially hazardous materials.
This Offering Memorandum was prepared by RHYS and has been reviewed by Owner. It contains select
information pertaining to the Property and does not purport to be all inclusive or to contain all of the
information a prospective purchaser may desire. All financial projections are provided for general
reference purposes only and are based on assumptions relating to the general economy, competition
and other factors beyond the preparer's control and, therefore are subject to material change or variation.
An opportunity to reasonably inspect the Property will be made available to qualified prospective
purchasers. Any and all parties reviewing this offering memorandum or inspecting the Property shall rely
exclusively on their own due diligence and/or investigations.
In this Offering Memorandum, certain documents and other materials are described in summary
form. The summaries do not purport to be complete, nor necessarily accurate descriptions of the full
agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are
expected to independently review all documents and consult with their own advisors.
This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal
without notice or liability and does not constitute a recommendation,endorsement or advice as to the
value of the Property by RHYS or the Owner. Each prospective purchaser is to rely solely upon its own
investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Owner and RHYS expressly reserve the right, at their sole discretion, to reject any or all expressions of
interest or offers to purchase the Property and/or to terminate discussions with any party at any time
with or without notice and without liability. Owner shall have no legal commitment or obligation to
any purchaser or other party reviewing this Offering Memorandum or making an offer to purchase
the Property unless a definitive written agreement for the purchase of the Property has been fully
executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder
have been satisfied or waived. RHYS is not authorized to make any representations or agreements on
behalf of Owner.
+1 203.274.9800 / rhysre.com
9 West Broad Street
Stamford, Connecticut 06902
RHYS disclaims any warranty of any kind, expressed or implied, as to any matter whatsoever relating to this service. In no event shall RHYS be liable for any indirect, special, incidental
or consequential damages arising out of any use of or reliance on any content or information contained herein.
F O R S A L E I N F O R M A T I O N , P L E A S E C O N T A C T:
A L E X H A E N D L E R
Director
203.653.1744
ahaendler@rhysre.com
G R E G R O M A N O
Senior Vice President
203.653.1757
gromano@rhysre.com
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