STAMFORD, Conn. -- A long-vacant lot in the middle of downtown Stamford dubbed "the hole in the ground" may soon be the scene of a retail and residential development, Stamford Mayor Michael A. Pavia announced Thursday.
The 4.3-acre plot of land, formally known as Parcel 38, has been sold to a development group headed by Ironstate Development and the F. D. Rich Co., a major developer in downtown Stamford for decades.
“Beginning with my campaign, I well knew what an economic and emotional issue this blight in the downtown was for our city," Pavia said.
"Since coming into office my administration has gone down several paths in attempting to find a solution. ... I am incredibly happy that we have kept this promise to the citizens."
The 4.3-acre site could feature mixed-use development, including 800 units of housing, a hotel and retail.
Read the full story at the CBS New York website.