The 26,000 square foot development at Factory Lane and New Haven Avenue is promising to be one of the most prominent complexes in Milford.
With a queue already in place for the 31 one-bedroom apartments on the second and third floors and 75% of the 17,000 square feet of office space already leased, the renovated building, appropriately named Harbor Point, is certainly developing a reputation as one of the most vied after spaces in the city.
The property at 1 New Haven Ave., acquired by Robert Smith, Jr. of MetroStar Real Estate Development, LLC. for $2.2 million in Dec. 2010, has made a huge comeback after two foreclosures in the 1980s and mid-2000s that resulted in construction dragging on for nearly a decade.
The building has undergone complete renovation with multiple additions including two lower parking decks with a capacity of 102 vehicles, a roof top terrace, state of the art fitness center and updated architecture with a modern edge.
The stylish one-bedroom and studio apartments will look out onto downtown Milford and offer ideal views of the harbor. According to Smith, the apartments have been systematically designed to cater to the younger generation.
"As they watch the housing crisis continue, younger people don't feel the urgency like their parents did to buy a home," said Smith. "Young professionals looking to maintain job mobility seek the flexibility that apartment living provides. They find the social dynamic desirable when surrounded by restaurants, neighborhood businesses and the parks and recreation offered in a downtown area."
Smith continues, "The adaptive reuse of urban buildings by converting upper floors from tired, outdated office space into vibrant, mix-use buildings attract residents who support and energize the expansion of neighborhood-serving establishments."
Smith adds that more often than not, cities and towns are recognizing the benefits of downtown apartments, which provide property tax enhancements and economic support to businesses.
Milford Economic Development Director Robert Gregory commented on the project:
"I have every reason to believe it will be successful. One of our goals for a long time has been getting more people to live downtown. We encourage more of that kind of thing - taking old properties and renovating them. And it (Harbor Point) sort of goes back to the old days of downtowns where you see the first floor as retail and the second floor as an apartment, usually where the owner would live with his family.
"Many people occupying those apartments are usually younger professional people, their incomes are usually higher and they're either single or married without kids. They enjoy the nightlife here and everything it has to offer, they’ll eat at restaurants and support those business, they can walk to the railroad station; it's nothing but a positive as far as I'm concerned. Smith Craft" said Gregory.
Harbor Point is within walking distance of the Metro North Station, a convenient location for commuters headed to New Haven, Norwalk, Stamford and New York.
While the site is still under construction, two offices have already secured space on the first floor - Sentinel Fund and Harlow Adams and Friedman, P.C. According to MetroStar General Manager Donna Craudley, the apartments will be available for viewing in roughly 60 days.
For more information, visit the project's official website.