No eternal reward will forgive us now for wasting the dawn. - Jim Morrison

2009-05-20

The Hole

Ever since moving to Stamford in January of 1996, I've been curious about this enormous empty lot next to the mall: Why the hell would 4+ acres of primo commercial real estate languish undeveloped for 13+ years? After about half an hour of googling, I learned that it's officially known as 'Parcel 38', but more commonly referred to as 'The Hole' (as you might be able to see from the photo, a considerable amount of excavation was done at some point). The site has actually been empty since 1985, long before I blew into town. The provenance seems convoluted, but according to the site's tax assesment, since 1997 it's been owned by an entity called TGA/EUREKA III LLC, which an anonymous commentor here seems to claim is a shell company for Citigroup. Anyone know if that's true? How does it make any sense to sit on an empty lot, paying half a million in tax on it year after year? If Citi is behind this, no wonder these geniuses are in so much trouble.

©Rob Leder

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