JV Completes First Phase of Metro Green in Stamford

STAMFORD—Metro Green Residences, a 50-unit, mixed-income green housing development located in Stamford, opened on May 30. The development marks the completion of the first phase of the Metro Green masterplan.

Jonathan Rose Companies LLC and Malkin Properties are co-developers of the project.

The multifamily development provides green housing opportunities to families of varying income levels and includes a mix of one-, two- and three-bedroom units. Forty units are designated for reduced income households with incomes ranging from 25 percent to 60 percent of Area Median Income, while 10 units are available at market rate.

Totaling seven stories of block-and-plank construction, Metro Green Apartments also offers 1,600 sq. ft. of green retail space on the ground floor.

The Metro Green Residential development provides residents a landscaped courtyard, active gardening spaces, a meditation labyrinth, convenient parking and a pedestrian link to the Stamford Metro North Train Station.

Metro Green Apartments achieved the U.S. Green Building Council's LEED (Leadership in Energy and Environmental Design) New Construction Gold certification.

The development is the second green housing development completed by the joint venture.

Metro Green Apartments is just one piece of the master-planned Metro Green community, a mixed-use Transit-Oriented Development (TOD), which will consist of 238 mixed-income residential units and a 17-story, 350,000-sq.-ft. sustainable Class A office tower. The overall Metro Green Residential project has received LEED ND Gold Certification for Neighborhood Development.

Malkin Properties acquired the 5.2-acre former brownfield site 25 years ago. Financing for the $27 million Metro Green Residences project was arranged through low-income housing tax credits from the Connecticut Housing Finance Authority, the Connecticut Department of Economic and Community Development, the American Recovery and Reinvestment Act, the Department of Housing and Urban Development, the City of Stamford, JPMorgan Chase and First Sterling Financial Inc.

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