Will pandemic erase drive for ‘co-living’ spaces in downtown?
STAMFORD – This, apparently, is a city ideally suited for a new trend in housing called co-living.
A developer partnering with a company that provides co-living spaces wants to buy one of the few remaining downtown parcels for such housing, and the city’s Urban Redevelopment Commission wants to sell it for that purpose.
But co-living has run into a roadblock. COVID-19.
The developer, Tullamore LLC, is willing to pay the
URC $2.3 million for the tract, near Curley’s Diner, to embark on the last of four Park Square West projects on West Park Place near Columbus Park.
Tullamore’s partner, a company called Common, would fill the building with co-living spaces designed for suite-mates who share specially designed apartments. New York-based Common has created coliving buildings in cities across the country.
For the rent price, billed as affordable, tenants get a private bedroom; a shared
living room with modern furnishings; a shared, fully stocked, high-end kitchen; a shared bathroom; weekly housecleaning; use of a washer and dryer; utilities, including high-speed WiFi; and maintenance.
But all that sharing, which according to Common makes the rent 20 percent to 25 percent cheaper than a studio apartment, is troublesome during a pandemic.
So Tullamore is redrawing its plans for the Park Square West project, which caused the Board of Representatives’ Land Use Committee to put the land sale on hold.
“I’m not comfortable approving this until we know what it will be,” said Rep. Megan Cottrell, D4, a committee member.
Thomas Madden, the city’s economic development director and head of the URC, said the plan was always to build apartments on the parcel. The co-living concept was presented a year and a half ago, before anyone heard of COVID-19.
“The co-living model sets up apartments in a different way – the idea was to bring more affordable units to the downtown,” Madden said. “But because of COVID, the model is changing. At this point we’re not sure which way the market is going.”
He asked the committee to approve the land sale to Tullamore, now building 45 apartment units on Stillwater Avenue. Tullamore then will present a revised plan for West Park Place, Madden said.
But the representatives had too many questions.
Rep. John Zelinsky Jr., D-11, was concerned that the building will not have its own parking spaces – tenants would use the existing garage behind Curley’s
“The co-living model sets up apartments in a different way – the idea was to bring more affordable units to the downtown.” Thomas Madden, Stamford economic development director and head of the Urban Redevelopment Commission
Diner.
Several representatives were concerned about Curley’s, which has occupied its spot on West Park Place for 80 years. The diner was nearly doomed when the URC condemned it in 1999 to clear the way for development, but the owners took the case all the way to the Connecticut Supreme Court, which ruled in their favor.
The little diner now is surrounded by high-rises. Representatives want assurances that Curley’s won’t lose its entryway or parking spaces during or after construction.
“We need to make sure our small businesses are being taken care of,” said Rep. Nina Sherwood, D-8. “After COVID and the economic shutdown, an eightor ten- or twelve-month construction process could put the diner out of business. I want to see in writing that the owner will in good faith negotiate to use Curley’s property during construction.”
Madden said he will return to the committee next month with the requested information. The land sale goes before the full Board of Representatives Monday but it’s unlikely members will override the committee’s unanimous vote to hold it.
The committee, however, is not opposed to the sale or the concept. Members said they hope co-living is still possible, since it would take a year to complete the land sale and obtain zoning approvals for a building plan, and construction wouldn’t start until 2022.
Madden told them Stamford’s apartment buildings are 97 percent occupied, and demand remains strong.
Co-living is “a meritorious model,” said Rep. Ben Lee, D-15.
“It’s targeted to young professionals who hopefully would graduate into other apartment buildings in Stamford, and then, hopefully, into single-family homes in Stamford,” Lee said.
Under the co-living model , apartments have at least three bedrooms, typically attract middle-income professionals, either singles or couples, who are well-educated, 24 to 35 years old, and new to a city, according to information provided to the representatives from Common.
Common cited Census data showing that 17 percent of Stamford residents fall into that age range, and that the city has a large renter population – more than 45 percent.
The company estimates that the market for co-living in Stamford is about 3,000 people.
The provided data shows that, nationwide, housing supply is not meeting demand, which keeps rents and home prices high. The data also shows that young people are saddled with more student-loan debt than ever, and are renting well into their 30s and 40s.
Common’s response has been to build units that cater to roommate living, according to information it submitted to the board. The company has 41 buildings in six cities, including New York, Chicago and Washington, D.C., with another 160 buildings underway in 20 cities.