By Allan Murphy
Sentinel Business Columnist
A data breach can Two people asked me some big-picture questions over the last few days that have had me thinking. First, I was asked if Greenwich should be willing to consider a substantial new development similar to the 750,000-square-foot Stamford waterfront site that was being considered by Bridgewater—no specific thoughts on where such a project might take place in our town, but more of a theoretical question.
A second person posed a question about the changing needs and use of real estate; for example, is there a need for the Greenwich Library building as it currently exists? Are people really checking out books or referencing hard-copy periodicals? As for Greenwich Avenue and other retail space: will there be an ongoing need for so much retail bricks and mortar? Won’t we all do most shopping online, with only some amount of “showroom” space needed for certain kinds of goods?
Ultimately the market will, and does, answer these questions. Personal service and food establishments have already replaced many soft goods merchants, but secondary retail locations continue to struggle. Think of the long-term vacancies and store turnover on the Post Road just to the east and west of Greenwich Avenue. The rents for these secondary locations have hardly budged in the last 15 years. And in the office market big medical/hospital groups are absorbing large blocks of long vacant space—Greenwich Hospital on Holly Hill Lane and soon (we hear) at 500 West Putnam Ave., Stamford Hospital at 75 Holly Hill Ln., and WestMed in the new CVS building at 644 West Putnam.
Other re-development is coming from residential conversions—as evidenced by the Manero’s site on Steamboat Road, the new JLofts complex on Old Track Road (by Equinox), the proposed development on Benedict Court, the massive complex that has been proposed for the Post Road Iron Works on West Putnam near the car dealerships, the mothballed plan for a townhouse complex on the site of the downtown armory (behind Starbucks and Richards), and the contemplated residential conversion for part of the old mill complex at 200 Pemberwick Road.
The market will adjust and react to new opportunities and needs—our challenge as a town—and especially for planning and zoning purposes, is to keep pace with shifting demographics and preferences, allowing for appropriate redevelopment while still maintaining the scale and character of a Greenwich that retains its charm and livability. This is not an easy task for Planning and Zoning as they evaluate numerous ongoing requests for variances and special overlay zones that seek to bend or rewrite existing zoning codes that may no longer meet today’s demand demographics.
Looking ahead, what should get redeveloped? Maybe everything near the train station? The train station retail complex is overdue for a facelift, as are the blocks to the east and west. The Bruce Park Avenue stretch from Morgan Manhattan on up the hill toward the Bruce Park Grill is ripe for redevelopment. Likewise, the tired retail and office space on Railroad Avenue from the Cadillac dealer to Boxcar Cantina seems ready to be re-imagined. Surely the gateway into Greenwich at the corner of Railroad Avenue and Arch Street should be something other than a Lexus dealership?
And how about the top of Greenwich Avenue on the south side of the Post Road from the Greenwich Running store all the way down to the old Crumbs bakery? There is some discussion of turning that into a large-scale development with big new retail (think Pottery Barn or Williams Sonoma) with a parking garage behind it. Or the Honda and Infiniti dealerships at the bottom of Mason Street: is that the best use for that land in those locations? Or should it all be medium-density new housing to increase the vibrancy of downtown in the evening?
I have my own opinions (go slow and keep it low, in height and density) but there are no right answers—just lots of questions, a fast evolving marketplace, lots of work for P&Z, and an opportunity (obligation?) for all of us to give it some thought and share those thoughts with our town representatives. Ultimately, it’s up to all of us to help shape the future of our town.
Take a look around this 4th of July weekend and imagine what you would do—just for the fun of it!
Allan Murphy is a senior managing director at the commercial real estate services firm Newmark Grubb Knight Frank. He has specialized in the Greenwich and Stamford markets since 1996.
