Hartford Business Journal

6 HARTFORDBUSINESS.COM | MARCH 24, 2025 DE AL WATCH The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over over 50 years, our clients have trusted us to deliver end-to-end facilities solutions, so they can focus on their core business. We design, install, and maintain systems in: Industrial, Manufacturing, Commercial, Higher Education, Healthcare, and Pharmaceutical facilities. WE FOCUS ON YOUR FACILITIES— SO YOU CAN FOCUS ON YOUR BUSINESS. 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-0125666 S1-302974 P1-203519 F1-10498 SM1-192 MC-1134 Meantime, rent growth has moder- ated somewhat since the COVID-19 pandemic, but rental rates on renewals are still growing from 3% to 5%, he said. The average apartment rent in Stamford is $2,696 per month, which is 73% above the national average, but well below the average New York City rent of $3,913, according to Apartments.com. "Those underlying metrics continue to support continued construction and investment in Stamford and Fairfield County and the state of Connecticut," he said. 'Strong underlying fundamentals' Stamford's apartment construction pipeline remains active, Nolletti said, despite elevated construction and borrowing costs that "will most likely mute near-term aggressive expansion." He said there are about 2,500 units under construction or in planning. Most multifamily projects are new construction, but more of them may come from converting office buildings into residential space as construction costs and office vacancy rates remain elevated, he said. For example, Branford-based MB Financial plans to convert the former Worldwide Wrestling Entertainment headquarters, at 1241 E. Main St., into an apartment building with 80 or 90 apartment units. MB Financial bought the six-story, 90,000-square-foot building for $3.75 million in December because of its location, CEO Michael Massimino said. "The location of the asset over- looking the Long Island Sound and the proximity to the Darien line is really what drew us the most," he said. MB Financial plans to demolish the building's interior to make way for larger apartments with 10-foot ceil- ings, given the building's expansive floor space, Massimino said. Plans include refurbishing a roughly 5,000-square-foot rooftop deck and, potentially, putting some penthouse units in an enclosed area that currently houses the building's mechanical systems. Massimino said he hopes to get the proposal before the city's planning boards in the next couple of months. Stamford-based RMS Companies last year debuted The Asher, an eight- story luxury apartment building with 228 units, at 150 Broad St. Like many of the new apartments in the city, the property is highly amenitized. It has a fitness center with yoga and spin rooms, coworking space, luxury billiard tables, a multis- port golf simulator, and a rooftop pool and lounge, among other perks. "The site is in a prime downtown location, which had sat vacant for many years," said Kyle Salvatore, RMS' director of multifamily asset management and development. "We are bullish on the Stamford market and believe in the vibrancy of the downtown area as a destination for residents to live." RMS also has plans to build a seven- story, 280-unit apartment complex on the site of the former Burlington Coat Factory property, at 74 Broad St. Stamford has experienced a considerable increase in apart- ment-unit inventory in just the past two years, said Leah Kagan, the city's director of economic development. "That has had an impact on vacancy rates, which have slightly increased, but we expect that as apartment units fill up, it'll begin to decrease," Kagan said. "There's just been a really strong demand for this area. It's a desirable place to live, whether you are working remotely, locally or commuting into New York City. We anticipate that will not die down anytime soon." Life Time Living is a new 290-unit luxury apartment building in Stamford, at 130 Tresser Blvd., that has a golf simulator among its amenities. PHOTO | COSTAR Leah Kagan Stamford Continued from page 5

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