'Donald you're hired' says Stamford to the developer
Donald Trump waits to be introduced by Rita Crosby at the ground breaking ceremony for his new luxury high rise Trump Parc in Stamford. Photo by Alex von Kleydorff
By AMANDA PINTO
STAMFORD — As Thomas Rich stood before the crowd gathered at Tuesday's Trump Parc Stamford groundbreaking, he offered a joke to the man many had gathered to see.
"Donald, you're hired," he told the well-known executive and entrepreneur.
Rich, the president of major Stamford development firm F.D. Rich Company, and Louis Cappelli, president of New York developer Cappelli Enterprises, partnered with Trump to create a 350-foot-tall Broad Street condominium building.
Surging interest in the $160 million luxury high-rise structure caused the team to consider building more projects in Stamford and the surrounding areas, Trump and Rich told reporters after the groundbreaking ceremony.
Trump said impressive market conditions drew him to build the state's first Trump-branded residence in Stamford.
"We have a great location in Stamford," he said. "Stamford is a very, very hot area, we've been looking at it for a long time."
Trump Parc will accelerate the already booming development initiatives in Stamford, Trump said.
"I love Connecticut and what I've seen in Stamford over the years has been almost a miracle what's happened," Trump said of recent city growth.
Trump's connection with the project — which will include 170 luxury residences priced between $670,000 and $3 million — has been instrumental in its success, Cappelli said.
The high-powered mogul has been dedicated to the project, Cappelli said.
"Everything is done on the golf course, the deals are done on a handshake, he's a man of his word," he said. "He remembers everything, especially if it goes in his direction."
Hard work — and Trump branding — have yielded a Trump Parc waiting list bearing more than 200 names.
"At the end of the day it's that Trump name that draws people to the project," Cappelli said.
The luxury associated with that name — Trump Parc will include a 24-hour concierge, indoor swimming pool, health club, and rooftop observation deck — represents a positive step for the city, Rich said.
"This project tops the list as far as the size and scope of the public benefit generated from it," he said.
Mayor Dannel Malloy said projects like Trump's help put Stamford's development in the same category as major cities like London and Manhattan.
"I've enjoyed every day as mayor, but there are special days that shine," he said. "This day, the groundbreaking of this iconic building is one of them."
The building, which will be Stamford's tallest, was initially planned to be taller before it was rejected by the city, Trump said, playfully urging Malloy to reconsider and increase the building's height.
He told audience members they would appreciate the beauty and presence of the structure upon its completion.
"I can only say in two years, you'll look at this building and say, 'aren't we glad we allowed this to happen,'" Trump said. "It's going to be a great, great building."