[jjbradleynyc]

Stamford seems to be pretty well-positioned in this tough economy, at least in terms of new projects becoming approved and starting construction. In today's Stamford Advocate, there is an article regarding the "Metro Center" office tower and apartments--across from, and directly adjacent to, the train station downtown.
The Metro Center Tower was approved by the zoning board last night, and will be an office tower of 17 stories, and will be a fully "green" tower downtown. Also, condos/apartments are now under construction on the once-empty lot south of the train station garage.
In addition to these 2 projects, the south end project is in full swing, with a 6 or 8 story hotel under construction now as well. Other aspects of the south end redevelopment are also coming into development and lots have been cleared and roped off with "Harbor Pointe" signs everywhere.
Currently under construction downtown is the RBS Tower @ 10 stories, the Highgrove luxury tower to be 17-18 stories, and the Trump Tower, topped off now and the tallest building in Stamford @ 35 stories.
One negative is that the Ritz-Carlton luxury condo and hotel towers project, slated to be 2 "400 foot" towers, is on hold until 2009. We'll see if it still gets built--I certainly hope so.
This is all outstanding development for any city to be proud of and thankful for. In this economy, I think Stamford is in a select group of few cities that are still going strong and moving projects forward.

[Stratford, Ct. Resident]

Antares did back out of Harbor Pointe though.
Antares pulls out of Harbor Point | Construction > Construction Overview from AllBusiness.com (http://www.allbusiness.com/real-estate/commercial-residential-property-condominiums/11594089-1.html - broken link)

[glxyman21]

Yesterday RBS's shares declined almost 40%, Stamford's focus on the banking industry could make it one of the hardest hit areas as these companies shrink and jobs are cut.

[jjbradleynyc]

Originally Posted by Stratford, Ct. Resident

Antares did back out of Harbor Pointe though.
Antares pulls out of Harbor Point | Construction > Construction Overview from AllBusiness.com (http://www.allbusiness.com/real-estate/commercial-residential-property-condominiums/11594089-1.html - broken link)

Antares backed out, but another firm moved in and took over the project. It's still moving along--quite fast actually...too fast. According to the Stamford zoning office, they had to temporarily stop the work due to several infractions--such as putting up steel without a permit...

[jjbradleynyc]

Originally Posted by glxyman21

Yesterday RBS's shares declined almost 40%, Stamford's focus on the banking industry could make it one of the hardest hit areas as these companies shrink and jobs are cut.

Perhaps, yes. Since UBS and RBS are now here--Stamford stands to lose jobs.
A UBS massive layoff would seriously impact the city. UBS employs around 4,000 people in Stamford. I'd guess about 20-30% could be gone this time next year. Hopefully no more.
However, Stamford on the whole will probably fare much better than other cities, largely due to its proximity to NYC and its mix of many corporations that call the city home.
The fact that a 17 story class A office tower is approved and will begin construction in the next few months is a signal that Stamford's market is in a good position.

[hsw]

Wouldn't be surprised if many major cities begin to face a '70s-'80s-like phenomenon of cos. moving HQ and high-income jobs to desirable suburban corridors like Greenwich/Stamford and away from central business districts like MidtownManhattan....

If indeed a deep, 2-3yr recession occurs, w/sharply reduced tax revenues for NYC/NY state, would expect violent street crime and filth to increase in Manhattan, along w/higher tax rates on the affluent to try to compensate for fact the major investment banks won't pay taxes for years (tax loss carryforwards)....

Greenwich area has many advantages over Manhattan...much cheaper state income tax; much cheaper housing and plentiful land; short commutes to office via own private car (as opposed to riskier, more arduous public transit/cabs of Manhattan); decent public schools for those who can't afford $30K/yr/kid private schools, etc

[CTbrooktrout]

Do you guys think that the local housing/construction/contracting industry will benefit from this "developing trend" shall I call it oh what hsw just posted?

I'm quite surprised myself to still see the building activity in the south western part of the state mostly b/c the media has apparently put too much doom and gloom on the situation. But when I think about it and the nature of the demographics, it's not all that surprising at all and gives a small ounce of hope for the local economy.

[JayCT]

Most of the projects going forward were financed before the recent crisis. Good projects will continue, bad projects may die. I think things will be difficult for at least the next year or so but then slowly start to improve. It will probably not get back to what it once was for a long time though. JMHO, Jay

[JViello]

It's called the Teflon Coast for a reason.

[JayCT]

Originally Posted by JViello

It's called the Teflon Coast for a reason.

"Teflon Coast"??? That is a new one on me. What is that suppose to mean? Jay