Antares' 80 Acre Waterfront Project in Stamford Clears First Major Hurdle.

Planning Board Unanimously Approves Six Million-Square-Foot Redevelopment

STAMFORD, Conn. -- 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 this week as the city's planning board unanimously approved master plan amendments for the much-anticipated 80-acre waterfront project.

Developed by Antares Investment Partners, a real estate and private equity firm with offices in Stamford and Greenwich, 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 preeminent 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.

"After listening closely to municipal, community and business leaders, Antares crafted a revitalization plan that ensures delivery of much-needed housing, jobs and tax revenue for Stamford," said Mr. Cabrera. "The waterfront renewal plan continues to attract widespread support from the city's major stakeholders and residents."

Antares Investment Partners 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.

Situated in the South End Neighborhood of Stamford, the site is directly accessible from downtown Stamford, interstate I-95, and is a 10 minute walk from Stamford's transportation center which provides regional Amtrak and Metro-North Service.

Mr. 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.

Antares Investment Partners

With headquarters in Greenwich, Connecticut, Antares Investment Partners is a vertically integrated real estate development and private equity firm with a multi-asset portfolio valued at approximately $4.5 billion.

Founded in 1996 by Joseph P. Beninati and James P. Cabrera, the company controls all phases of the development process. It engages in acquisitions, construction management and services, merchant banking and financing, sales and marketing, property management, and leasing.

Mixed-use assets include the Harbor Point District in Stamford, Connecticut, an 80-acre, $3 billion waterfront revitalization initiative that is one of the largest mixed-use developments in the United States today. In Armonk in Westchester County, New York, the company is developing Armonk Square, a "town center" complex of luxury condominiums and retail shops.

Residential assets in Connecticut's Fairfield County include the Greenwich Place and Greenwich Oaks condominium communities and the Antares Mansion Group. Acquisition of the two condominium sites was the largest residential transaction in Connecticut history. The firm is also developer of CiderMill, a gated community of for-sale residential properties in Armonk.

Commercial holdings in Greenwich include Pickwick Plaza, a Class A office complex, and the Delamar Greenwich Harbor Hotel, a luxury waterfront hotel.