RBS to Develop New Corporate Office in Stamford, Conn.

$400M complex would also include a live trading floor in addition to office space


Company officials have called the issue a small one among many in such a complex project, but construction can't start until it is resolved.

The company has excavation permits to dig south of Richmond Hill Avenue, so it can continue to do some preliminary work, but can't start major construction until it gets the a traffic permit from the State Traffic Commission, said Frank Garagliano of Turner Construction. Turner will build the 500,000-square-foot complex for RBS.

Grassie, an RBS executive and architect who moved from Scotland to supervise the construction project, acknowledged Wednesday that a payment "could be" a solution to the dispute, but said it is not necessarily the only way forward.

The state Department of Transportation has receivedtwo independent appraisals for the property rights in question. One involves the former Clinton Avenue Extension, which the city closed when it sold the land to Louis Dreyfus Property Group, which later sold it to RBS; the other involves rights of way next to the Interstate 95 on-ramp from Washington Boulevard, where part of the building would go.

"The minute we have that price negotiated, the State Traffic Commission is ready to grant their approvals," Department of Transportation spokesman Chris Cooper said.

Rell, who DOT officials said last week was not involved in negotiations, said the DOT has passed the appraisals to Sheldon Goldfarb, RBS Greenwich Capital's managing director and general counsel.

"Sheldon told me, I understand the ball is in our court now," Rell said.

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