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The project, estimated to cost more than $500 million, will include 600,000 square feet of commercial office space, 60,000 square feet of street level retail space, a 150-room hotel and 150 units of residential housing, a DOT statement said.
“It’s going to be a 24-7 work-play area,” John McClutchy, principal of Stamford Manhattan Development Ventures, said during a news conference at the train station.
The two sides hope to complete negotiations and have a contract signed by this fall, with construction to begin in the spring of 2014, the statement said. New parking is scheduled to be built and in use in three years, with the rest of the development done in phases over the next few years, it said.
Several commuters expressed concerns about the project during the news conference. But DOT Commissioner James Redeker said the same amount of parking spaces will be available at all times throughout construction. The current garages will be used until more parking is available, he said.
New parking will be built at three locations -- Station Place, South State Street and Manhattan Street, Redeker said. All will have direct access to the train platforms, he said, and all will be as close or closer than they are currently.
“This is going to be a true transit-oriented development,” McClutchey said. His firm intends to speak to commuters, businesses and others who have a stake in the project to address every issue, he said. He also expects the design will make it easier and more attractive to enter and exit the transportation center.
The state will issue $35 million in bonds for the parking facilities, while the developer will provide debt and equity financing for the balance of the cost, the DOT said.
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