Highgrove in Stamford to Open as Apartments

Although it was originally developed to be condominiums, , an 18-story luxury high-rise on Forest Street in , is reportedly set to open next month as an apartment building.

According to a report in the Stamford Advocate, Starwood Capital, lead developer of the long-delayed project, has reportedly decided to rent the 95 units, as opposed to selling them, so as to capitalize on the current strong demand for rentals and avoid trying to sell upscale condos in a down economy.

A spokesman at Lincoln Properties, leasing agent for Highgrove, confirmed the building would be rental apartments, according to the report. The leasing center for the building is reportedly set to open on Sept. 6.

Rents for the 2 to 5 bedroom units will range from $4,000 to $9,000 a month, according to the report. One unit is reportedly already leased and is set to be occupied starting Oct. 1.

At the time of groundbreaking in 2007, the building was reportedly commanding the highest price per square foot for residential space in downtown Stamford. But numerous construction delays, as well as financial difficulties on the part of the original developer, Ceebraid-Signal, prompted some buyers to sue in order to get out of their contracts, according to the report.

In 2009, an investor group led by Starwood Capital acquired Highgrove when it bought a portfolio of real estate assets owned by the project's construction lender, Corus Bank. Construction of the building was completed last year.

For more, check out the Stamford Advocate report.