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Planning board approves sale of 41 Main Street for 55-unit affordable housing project
Summary
The Stamford Planning Board voted April 28 to approve a purchase-and-sale agreement to transfer 41 Main Street to Main Street Housing Partners LLC for $7,855,600 (including $250,000 cash and $7,605,600 in cash-equivalency credit tied to 55 affordable units); the buyer's approvals and financing contingencies will govern the construction timetable.
The Stamford Planning Board voted April 28 to approve a purchase-and-sale agreement that would transfer city-owned 41 Main Street—near Mill River Park—to Main Street Housing Partners LLC to develop affordable housing.
Bridget Fox, presenting the city’s selection process, said the mayoral team identified the former Midas site as a downtown opportunity to increase affordable housing stock. The city issued RFP 20250225 in November 2024, held a mandatory walkthrough and received two proposals; a selection committee reviewed proposals using four criteria—quality and feasibility, qualifications and experience, evidence of financial capability and price—and recommended Main Street Housing Partners.
The proposal’s price is $7,855,600, of which $250,000 is a cash payment and $7,605,600 is listed as a cash-equivalency consideration tied to the developer providing 55 units of affordable housing. Board members confirmed the site is small—Ashley cited the RFP figure of 0.38 acres—and asked about timeline and contingencies. Fox described the timeline in the proposal as roughly 13–14 months of construction once approvals and financing are secured. City counsel said the buyers have a series of contingencies: roughly 120 days to obtain city approvals after signing a contract, then a financing contingency that was characterized as about 200 days with a possible 60-day extension, and roughly 24 months to complete construction after closing.
A planning board member asked whether planned bridge work near the site would affect access; staff answered it should not be an impediment. After discussion of financing strength and the downtown location, a motion to approve the sale was made, seconded and carried by voice/hand-raise. The transcript records the board’s approval but does not include a roll-call tally.
