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Affordable housing now planned as condo market slumps

Ryan Doran
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May-17-09, 07:00 PM
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3 Votes



Topics: Housing

 

Affordable housing trumps condos in the revised second proposal of the Metro Green projects in Stamford.


Developers said because of market changes, they are canceling the loft-style condominium project in the South End, which they possibly will then use to build rental apartments aimed mostly at low-income families.


"Most market-rate development in Stamford has been put on hold," said Dara Kovel, a project manager at Jonathan Rose. "We really had to balance the reality of the current market with the desire to build on the momentum of Metro Green Apartments."


Jonathan Rose Cos. and W&M Properties are the co-developers of both the revised plan and the original plan. They reported recently to members of the South End Neighborhood Revitalization Zone and city officials.


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