Bill Hennessey, the attorney for the would be developer of The Hole, told the Zoning Board Monday night the project is hung up over demands by the city to replace four intersection traffic signals and other upgrades to the roads downtown.
“The developer is not willing to undertake the signalization cost,” Hennessey said after describing the four intersections RB Stamford Associates have been asked to rebuild if it gets approvals to create an 11-building, 672-unit complex on Tresser and Greyrock downtown.
For years, The Hole has been in the city’s heart, a gaping abyss into which other developers have tried to gaze, only to have the abyss gaze back.*
Monday night, Hennessey and the RB Stamford team wrapped up their presentation, offering details on the facade and its materials for the project as well as discussing how the buildings will be tied together by interior hallways and a central, park-like area, dubbed the Oasis.
The board closed the public hearing on the application, but did not take a vote.
The city and developer have to work out details on the issue of signalization and infrastructure, but Hennessey said the developer sees the streets and signals as the city’s infrastructure.
He noted Stamford is already a high cost city, with just the building permits for a project like this coming in at more than $2 million.
“That’s just the price for the privilege of building,” Hennessey noted.
*Nietzsche reference. Apologies to the philosopher.