The adjoining buildings will be separated into two condominiums with separate entrances. The two-story, 40,000-square-foot YMCA side will open its doors as a renovated community facility, while the other building will become a hotel.
The YMCA had closed down at the beginning of 2008 in January, due to monetary constraints. The repositioning and sale of part of their building--for $4.65 million--allows the community center to reopen in the same location. The YMCA will gain a new façade, as the buyer has agreed, as part of the sale, to re-face the YMCA while it redevelops the other portion of the building in a hotel.
"Creating a condominium structure provided [the YMCA] with a creative solution that allowed the [YMCA] to re-open and better meet the needs of the community," says Al Mirin of CBRE. "With the huge demand for hotels in downtown stamford, this division will enable the location to fill two voids in the community."
The estimated cost of the redevelopment is $10.5 million. RMS anticipates having the hotel deliver in the spring and raise flag as a Comfort Inn & Suites. The YMCA is anticipated to open by the middle of next year.
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