80 acre Stamford waterfront project clears first major hurdle.

In a major step forward for one of the largest waterfront redevelopment initiatives in the country, the revitalization of Stamford's South End made significant progress as the city's planning board unanimously approved master plan amendments for the much-anticipated 80-acre waterfront project.

Developed by Antares Investment Partners, the ambitious project--known as Harbor Point--is expected to attract $3 billion in new investment to the underutilized district, once a thriving industrial center.

The planning board action allows the city zoning board to re-designate 'several' former industrial sites as mixed-use properties. Antares and its affiliates own the entire 80-acre site.

"Through the Harbor Point initiative, Stamford will set a new national standard for urban waterfront development," said James P. Cabrera, managing partner for Antares. "We are gratified that city planners concur with the vision of Harbor Point as a master-planned, transit-oriented community offering an array of residential, retail, entertainment and cultural assets. The rebirth of the Stamford waterfront will revive the city's historic relationship with Long Island Sound and bolster Stamford's role as a magnet for new businesses from around the world."

Harbor Point is primarily a redevelopment of former industrial land. Antares and its partners will follow regulatory procedures for remediation and clean-up which will not only revitalize the waterfront but also benefit the quality of the environment in the city of Stamford.

Antares is scheduled to submit a general site plan to the Stamford zoning board within the coming weeks. Harbor Point, designed by internationally acclaimed planners, Sasaki Associates and Cooper, Robertson & Partners, will include approximately 4,000 residential units.

Four hundred of these units will be developed as affordable housing.

The redevelopment project will introduce numerous amenities and community improvements, including a public waterfront promenade and

several new parks for neighborhood use. Through realigned roadways and streetscape improvements, the plan will establish a network of pedestrian-friendly streets leading from the heart of the community both to the waterfront, and northward to the train station and downtown Stamford.

The plan devotes approximately eleven acres to parks and open space.

Cabrera said that the Harbor Point development will serve as "a powerful economic engine for the city of Stamford" by attracting billions of dollars in new investment and creating thousands of jobs.

He also said that the district will prove to be a "financial boon to the City of Stamford for decades to come" by generating an estimated $20 million in municipal tax revenues annually.

The project extends across 80 acres of vacant and underutilized property, including the former Yale & Towne property, the Northeast Utilities waterfront site, the manufacturing site of Pitney Bowes, and Brewers Yacht Haven, located on the former Luder's boat yard.