Stamford Downtown Special Services District Annual Report 2006-2007
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STAMFORD DOWNTOWN SPECIAL SERVICES DISTRICT ANNUAL REPORT 2006-2007 www.stamford-downtown.com enliven the streets. A strong maintenance program grams as have the incredibly competent and dedicated includes 7-days-a-week—8-hours-a-day street cleaning, cadre of City employees who willingly give their expert- ambassadorial patrols at 215 hours a week, and a land- ise and time. The Mayor shares our vision that the scaping program ensuring four dramatic and colorful downtown is the City’s center and must be the dynam- LETTER FROM THE CHAIRMAN & THE PRESIDENT seasonal plantings. ic nexus of commerce, the arts and residential life. The Downtown is most grateful for his consistent support. Award-winning, much heralded events such as the year- ly outdoor sculpture exhibit, the Holiday helium balloon No enumeration of a 15 year growth spurt would be VISION: Downtown—1992-2007: parade, the Alive at 5 outdoor concert series and the complete without thanking the hundreds of corporate The vision for Stamford A Fifteen Year Journey Heights and Lights Christmas program bring many thou- and individual sponsors who give so generously to sup- Downtown is that of a sands of people downtown yearly. In addition, Stamford port downtown events. Almost half the DSSD’s budget Fifteen years ago, Downtown property owners, after a Downtown now houses 17 movie screens and 2 perform- is from such sponsors whose largess enables the 24-hour/seven day a week thorough two year assessment of the depressed down- ing arts theatres which draw over 1,000,000 people each District to host seven signature events which profound- center for living, working, town economy, determined that the best way to jump year. In 1997, the Palace Theatre’s stage was dramatical- ly stimulate the downtown economy. Similar thanks shopping, dining, start its revitalization was through creating a Business ly enlarged and the building’s interior was totally renovat- are merited for the thousands of volunteers who help education, culture and Improvement District. The concept at the time was rel- ed in 2003, creating an inviting site for major theatre annually: our enthusiastic event volunteers; our dedi- entertainment. atively new. There were fewer than twenty-five such dis- productions. The Avon Theatre, an independent, eclectic cated streetscape gardeners who beautify our environ- tricts across the country, compared to more than 1,200 art cinema, which opened in February, 2004, after an ment; and the Friends of the Downtown who spearhead in operation today. exquisite renovation has attracted a strong, loyal follow- our program for the acquisition of outdoor art. We are MISSION: ing with its avant garde cinema selections and com- proud to list all our volunteers and sponsors individual- The Downtown Special The picture painted of the downtown during the latter pelling guest lecturers. ly on page 10 of this Annual Report. assessment was rather bleak, with a 20% vacancy rate UBS Services District is in Downtown’s 5,705,000sf of offices where rents were The office market is strong with an occupancy rate in In closing, while we recognize that great progress has responsible for creating, at $21sf, at the high end. Retail vacancy rates were at Class A offices of 85% and Class B at 92%. Rents are been made during these past 15 years, much remains managing and promoting 22% with $12-15sf leases. The two Downtown perform- finally reaching an impressive level of $37+ per sf in to be accomplished. The Downtown is truly a work in a quality environment for ing arts theatres (Stamford Center for the Arts) were Class A offices and $22+ per sf in Class B. Similarly, progress and must always remain so to ensure its people, which enhances “dark” more than half the year. The Palace Theatre was retail leases have reached the $30 level with an occu- growth and vitality. The DSSD envisions, and is active- desperately in need of major renovations including a pancy rate of 91%. For downtown property owners, the ly working to create a stronger retail marketplace. We the economic vitality stage enlargement to accommodate large concerts and real good news is the value of their real estate. Smaller eagerly await the beginning of construction on the ren- of the Downtown. shows. Stamford Downtown had only five cinema properties have doubled and in many instances tripled ovation of Old Town Hall, which will make it a public screens-- limiting movie choice and sending people in value. And, the Blackstone Group’s sale of the Equity showcase. Six dramatic residential and hotel develop- GOALS: elsewhere to see a “flick” and “grab a bite”. Downtown Office Properties to RFR Holdings achieved a record ments have been approved by the Zoning Board and • To foster the Downtown’s was in a downward spiral--- replete with empty, poorly high Stamford downtown price of $ 500sf. should begin construction during 2007 and 2008, maintained streets and a perception that the neighbor- bringing 1,903 new, high quality residential units to the economic growth through a hood was unsafe. Most significantly, there was a static Stamford Downtown is now home to multinational finan- downtown. The Taubman Company will complete its strong retail recruitment residential market, consisting primarily of older hous- cial institutions. In 1998, UBS’ North American $50 million redesign of the Stamford Town Center in and retention program. ing stock. Few residents meant fewer people walking Headquarters (600,000sf at a cost of $250 million,) was November 2007. A 40,000sf Barnes and Nobles and outside after 5pm or on the weekends. It was a sorry completed, employing 2,200+/- individuals. Today, that seven new restaurants will anchor the Mall’s renova- • To ensure the appropriate picture indeed. In 1992, Downtown property owners number has escalated to 5,900+/- employees and ven- tion. The latter projects will enrich the downtown expe- economic development voted overwhelmingly to form a self-taxing special serv- RBS Greenwich Capital dors. That is a 107% job growth within 8 years. The eco- rience, continuing the DSSD’s vision of creating a ices district to manage the Downtown and create a revi- nomic ripple effect has been dramatic. UBS pours anoth- dynamic sense of place in Stamford Downtown. of Stamford Downtown talized, inviting environment. er $20 million-plus into the community to underwrite through comprehensive cultural and nonprofit activities and to engage the serv- stategic urban planning Downtown 15 years later– ices of local printers, designers, audio/visual technicians, and advocacy. couriers, caterers, employment agencies, hotels, restau- The programs initiated and managed by the Stamford rants, limo companies, florists and photographers. The Downtown Special Services District (DSSD, District) Royal Bank of Scotland broke ground on its $500 million, • To plan, initiate and and the District’s keen focus on economic development one million sf eleven-story North American Corporate manage enhanced in all parts of the city have contributed significantly to Banking Center in August 2006 with a scheduled com- operational services, the downtown’s strong economy today. A dynamic pletion date of early 2009. Undoubtedly, the same eco- which improve Downtown’s sense of place has been created where multi-thousands nomic ripple which stems from UBS’ impact on the com- outdoor environment. of people live, work, enjoy the arts, are educated, dine, munity will be mirrored by RBS. shop or simply visit. Today, there are more than 3,300 residential units in the Downtown, double the 1,600 The DSSD proudly maintains a productive and cooper- • To attract people Stephen J. Hoffman Sandy Goldstein available in 1992. In addition, six major residential ative relationship with city boards, political leaders, Chairman President to the Downtown through developments have Zoning Board approval and their community organizations, the City administration and targeted signature events construction will begin when the developers say, “Go!” numerous corporations. This collaborative effort is and marketing programs. Seventy-three restaurants grace our streets, (as Stamford Town Center Expansion Rendering responsible, in no small way, for Downtown’s strength. opposed to the 40 here fifteen years ago), with more Mayor Malloy has been a true friend of downtown pro- than one third of them having vibrant outdoor cafes to LETTER FROM THE CHAIRMAN & THE PRESIDENT DSSD ANNUAL REPORT 2006-2007 www.stamford-downtown.com 1 Goal: Goal: To foster the Downtown’s economic To ensure the appropriate economic development growth through a strong retail recruitment of Stamford Downtown through comprehensive and retention program. stategic urban planning and advocacy. RETAIL RECRUITMENT&RETENTION The creation of a vibrant retail environment is at the core of DSSD’s mission. In June 2006, a newly created Retail Advancement Program was approved by DSSD’s Board of Commissioners ear- The DSSD has been the watchdog for appropriate Downtown marking a total of $300,000 for grants to qualified prospective retailers within the next two years. development, balancing the challenge of intense development Two types of retailers are currently being recruited by DSSD: boutique stores offering a unique with environmental and quality of life objectives. Using shopping experience such as art galleries and neighborhood shops such as a hardware store, Stamford’s Master Plan as a guide, the District has helped to bakery, produce shop etc. foster the development of a downtown with a full array of retail, office, cultural, recreation and residential uses. Through a strong There have been significant retail developments and leaseholds which have occurred during program of advocacy for appropriate land-use planning and 2006/2007: development, the Downtown will continue to grow and thrive • Reckson completed construction of its 36,000 square foot retail plaza, known as The Landmark, as a regional retail, office, housing and cultural destination. located at the intersection of Broad & Atlantic Streets.