Coleman Towers, a former housing cooperative in Stamford previously riddled with issues surrounding the quality of living conditions and complaints over unfair rate hikes, has reopened under new management and a new name.
Development at the newly named Spruce Heights began around 2020, and construction began in early 2022, according to Justin Goldberg, one of the project鈥檚 designers.
Residents remained in the apartments during construction.
As part of the redevelopment, the resident-owned co-op dissolved, Goldberg, a managing partner at Navarino Capital, said.
鈥淵ou had co-op owners who had owned their shares in the co-op and were living in their entitled apartments,鈥� Goldberg said. 鈥淲e offered them long term leases at very similar rents to what their co-op fees were previously.鈥�
With the renovations, several multi-bedroom apartments were divided into smaller apartments, leaving some longtime residents with less space for the same rent.
Residents of Coleman Towers expressed their frustration with this situation to 海角换妻 which was featured in the documentary Fighting for Home: How Housing Policy Keeps 海角换妻 Segregated.
The original co-op, Coleman Towers, which was built in 1971 and stood 12 stories, was nearing foreclosure due to millions it owed the city of Stamford. Goldberg and the developers opted to assume the debt. They released a statement explaining the decision.
鈥淩ather than pursue foreclosure and convert the property to market-rate housing, they made a bold commitment to preserving affordability. This decision was informed by extensive discussions with residents, many of whom were long-term occupants.鈥�
Behind the company Spruce CT LLC, Goldberg and his colleagues purchased the building in 2022, for $15 million. The city of Stamford also loaned the property developers $28 million to pay back taxes and renovate.
The original building was stripped to the studs for the project and now houses more than 40 additional apartments, nearly all of which are affordable, along with new floor plans, heating and cooling systems and windows. The building鈥檚 roof and foundation were also reinforced.
鈥淲e didn't expand the footprint of the building at all. There was a small amount of space, storage rooms or community space that really wasn't being used very well,鈥� Goldberg said. 鈥淪ome of that was turned into livable space, but the majority, almost 100% of the increase, came from redesigning the apartments.鈥�
With the renovation, the building capacity expanded from 89 apartments to 132. Of these, 115 units are affordable, with 27 set aside for households earning between 30% and 50% of the area median income (AMI), Eighty-eight units are for people earning 60% AMI. The remaining 17 apartments are market rate.
All of the apartments are rented out, Goldberg said.
鈥淭here was a lot of demand for these units. They're beautiful. They're brand new, and the rents are really affordable, something that's seriously lacking in Fairfield County and specifically in Stamford,鈥� Goldberg said.
The $42 million renovation was a collaboration by Stamford, the 海角换妻 Housing Finance Authority (CHFA), Navarino Capital, MLK Real Estate Capital and residents.
鈥淭his project exemplifies what can be achieved through public-private partnerships and a shared commitment from our Federal, State and local partners to our community鈥檚 well-being and providing more affordable housing options for our residents,鈥� Stamford Mayor Caroline Simmons said.
