Stamford 'Hole In The Ground' Purchased For Development
STAMFORD, Conn. (CBSNewYork) - A patch of vacant land in downtown Stamford may finally be developed.
As WCBS 880's Paul Murnane reported, the lot that's sat empty for more than 40 years and has been nicknamed "the hole in the ground" has been acquired by Stamford-based F.D. Rich Company.
The 4.3-acre site could feature mixed-use development, including 800 units of housing, a hotel and retail, Murnane reported.
Stamford 'Hole In The Ground' Purchased For Development
F.D. Rich has been one of the firms that has tried over the years to develop the lot. They are now back to buy the land from Milstein Properties, Murnane reported.
Developer Tom Rich grew up in the family that helped make the city's skyline what it is.
"My father was quoted in a 1976 New York Times article as saying 'we'll really know whether this urban renewal project in Stamford is successful if, at the end of the project, people who have a choice will choose to live in downtown Stamford,'" Rich told Murnane.
Housing downtown rents or sells as fast as it's built, Murnane reported.
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