Starwood Ceruzzi announces plans for Fairfield Store redevelopment.

Town of Fairfield First Selectman Kenneth A. Flatto and Starwood Ceruzzi LLC have jointly announced final plans for the $13 million redevelopment of a key portion of downtown Fairfield, CT.

The redevelopment plan will now include both the former Fairfield Store and the adjoining site formerly known as the Applebaum Property, which has been contracted for by Starwood Ceruzzi.

The plan utilizes at least 60,000 square feet of existing retail and office space to be recreated on the site, plus an agreement to seek public approval of an added 20,000 square feet of office space and increased parking at the site.

First Selectman Flatto said, "I am thrilled that Starwood Ceruzzi LLC has decided to move forward on this first-rate flagship building in Fairfield, using a design plan that is both beautiful and in character with our downtown."

Louis Ceruzzi, president of Starwood Ceruzzi, said "This adaptive re-use of the two buildings can become the centerpiece of a successful Fairfield downtown revitalization. Its reconstruction and renovation will provide valuable retail and office space for the county. Combined, the two buildings will have the critical mass necessary to attract major quality retail and corporate tenants for downtown Fairfield's future."

Successful negotiations between Starwood Ceruzzi and the Town have resulted in the following plan to be submitted:

* The entire building, front and side, will be designed in an appealing red brick and limestone colonial motif with enhanced architectural features, including a walk-through glass-enclosed lobby and public access from the Post Road to the parking area at the rear of the building;

* Starwood Ceruzzi will present an 80,000 square-foot plan, including extending the second floor over the former Applebaum portion of the site and the construction of a $1.5 million extended parking area using a high-quality brick veneer facade and a one-level parking dock in the rear of the store. As part of this plan, the Town proposes to lease 80 municipal spaces for $80,000 per year for the long-term municipal needs of downtown parking;

* In a unique approach to offer the public an opportunity for comment and participation in this project, Flatto and Starwood Ceruzzi have agreed that, before presenting the final plans to TPZ in late January, Flatto will ask the Town's Economic Development Department and Starwood Ceruzzi to jointly present the plan for public approval to the Board of Selectman and the Representative Town Meeting (RTM) in January;

* Flatto and Starwood Ceruzzi have agreed that at the conclusion of this conceptual public process, either the first choice 90,000 square-foot plan or an alternate 60,000 square-foot plan will definitely go before the Town Planning and Zone Commission for approval. Construction is expected to begin by mid-Spring, and retail stores are to open by mid-Fall.

"The cost-benefit analysis indicates that the combination of added tax revenues and fees from municipal parking will offset any lease costs," Flatto said. "The downtown will in effect get the benefit of 80 added office workers spending money downtown. 120 added parking spaces for downtown's long-term revitalization needs, and a facility that will have the staying power to attract vibrant, quality tenants for many years to come. I am thrilled that Lou Ceruzzi president of Starwood Ceruzzi LLC is letting the public and our local business community have a say in the final decisions on this plan."

The site is located on the corner of Reel' Road and Boston Post Road in the center of town. The former Fairfield Department store site consists of 40,000 square feet. The former Applebaum Property, now housing single-story retail facilities, consists of 20,000 square feet. The proposed second-story expansion of another 20,000 square feet, while dependent upon additional parking, would generate significant added tax revenues and jobs to Fairfield's downtown.

Further, Merrill Lynch, which already has a presence in Fairfield, has executed a memorandum of understanding with Starwood Ceruzzi for expansion into 11,000 square feet of second-story office space. The Merrill Lynch commitment doubles the amount of space and jobs currently existing in Merrill Lynch's Fairfield operation.

As a further gesture of its commitment to downtown Fairfield, Starwood Ceruzzi has agreed to donate at least $50,000 to a public benefit fund administered by the town for and landscaping improvements in the downtown area.