Few More Years of Another Hole

Stamford Talk can breath easier about falling debris as the Ritz Carlton project on the corner of Atlantic and Tresser is on hiatus due to the economy according to an article in today's Advocate.

The article goes on to describe how the economic downturn has cooled the luxury condo market some downtown. If you are in the market for a luxury condo Stamford easily has you covered. Highgrove, Trump, The Metropolitan, Glenview, Eastside Commons, Harbor Point (which went vertical last week), not to mention buildings (forever?) on the drawing board like The Luxe, City Place, Tresser Square, Park Square West, Archstone on Mill River & Atlantic Centre.

The moderately priced, first time home buyer market seems to be seriously under served and makes me wonder why no one has jumped in to take advantage. The developer may not make as much per unit but I imagine there must be some premium put on how fast a development like this would sell out. Its the difference between Trump sitting half sold for god knows how many years or something ripping sales through before construction is even done. It would also be a step towards solving the exodus of young people from the state. Combining use for office and retail in these developments can all help hedge bets against a flux in different markets. RBS now owns a couple blocks of condemned buildings all Mill River and the Advocate building is sitting in wait. Two opportunities to put it to the test.