STAMFORD -- With Harbor Point in the South End having become a major destination for young renters, another waterfront neighborhood is now also trying to carve out a similar niche.
A development team known as Belpointe Capital has proposed a plan to construct a five-story 109-unit residential development in Waterside. Like the South End, the neighborhood has gradually shed industrial users over the years. The proposed development involves a roughly 3-acre site at 112 Southfield Ave., which was formerly the home of Marshall's Trucking. If approved, the project would join two other residential developments that sit along the West Branch of Stamford Harbor: Avalon on Stamford Harbor, which was built in 2001 and has 323 rental units; and Stamford Landing, a mixed commercial and residential development that was completed in 1987 with 88 condominiums. The development team is led by Paxton Kinol, a prominent developer based in Greenwich who has built other residential projects in Stamford, including Mill River House, Glenview House, and Eastside Commons. He is currently spearheading the construction of Waypointe, a 10-acre mixed-use redevelopment in downtown Norwalk. CLICK TITLE TO CONTINUE
Power line developer focusing on Vermont project
MONTPELIER, Vt. (AP) — With permits to build an underwater and underground power line from the Canadian border to New York City all but fully in hand, the developer is turning its attention to a similar proposal for a 1,000-megawatt power line that would run down Lake Champlain and then across Vermont to feed the New England electric grid. The developers of the $1.2 billion New England Clean Power Link have purchased the land where the two cables would enter Lake Champlain near the Canadian border in Alburgh and where they would come out of the water 100 miles south in Benson before running about 50 miles east to Ludlow. They've applied for some of the federal permits they will need and now they're preparing to ask the Vermont Public Service Board for its approval of the project. They hope to have all the permits in hand by the end of next year, begin construction in 2016 and be transmitting power by 2019. CLICK TITLE TO CONTINUE
WASHINGTON (AP) — A surge in hiring last month helped drive the nation’s unemployment rate down to a six-year low of 5.9 percent — within striking distance of what economists consider a healthy level. The encouraging numbers — contained in the last government report on unemployment before the midterm elections — pushed the Dow Jones average up 209 points to 17,010 and could give an important boost at the polls to Democrats and to incumbents in general. U.S. employers added a robust 248,000 jobs in September and generated 69,000 more jobs in July and August than previously reported, the government said Friday. That helped bring unemployment down from 6.1 percent in August. The jobless rate now stands at the lowest level since July 2008, in the middle of the Great Recession, and is getting close to the roughly 5.5 percent that the Federal Reserve considers consistent with a healthy economy. In a speech in Princeton, Indiana, President Barack Obama exulted over the numbers, noting that businesses have added jobs for 55 months in a row, the longest such stretch on record. CLICK TITLE TO CONTINUE