A major step forward for POKO Partners’ Wall Street Place downtown development: the State Bond Commission is expected to approve $5 million in funding for Phase 1 of the project when it meets in Hartford next Friday, August 31.
It is gratifying to see a project that has been so long-awaited and so important to the City of Norwalk receive support from the state. I am thankful to Governor Malloy and the Bond Commission for recognizing the economic value and the public promise of this development. It was just about a year ago that I toured this area with the developer and the commissioner of economic development, and now here we are celebrating a major milestone. This is great news for Norwalk and the region.”
"For decades, Connecticut failed to invest in one of the most important economic drivers for our cities—affordable housing,” said Governor Dannel P. Malloy. “Affordable housing not only provides stability for working families, it also creates jobs during construction and prolonged opportunities for economic growth in those neighborhoods and the city at large. I want thank Senator Duff for joining me in our effort to make our cities better places to live and do business.”
Wall Street Place is designed to recreate the “uptown” part of the urban fabric that was once the heart of Norwalk. The project calls for a three-phased development plan for 370 residential units, of which half are expected to be for sale in the form of condominiums and the other half rental apartments. Also included are 850 parking spaces and approximately 60,000 square feet of commercial and retail space.
Wall Street Place will be a mixed-use, mixed income development designed to be a pedestrian friendly hub that will include shops, restaurants and the latest in sustainable design. It will also feature state-of—the-art automated garages.
Phase I will create 101 residential units which will be a mix of approximately 30 percent affordable rental units and 70 percent market-rate rental apartments, 23 surface parking spaces, a 214 space automated parking garage available to residents and the public, and 15,933 square feet of retail space. The design is a blend of historic and modern-day architecture with a series of newly constructed and renovated buildings that will feature three private, landscaped, green rooftop plazas.
“Senator Duff has been an enormous proponent of this project. His support has been consistent and unwavering,” said POKO Partners President and CEO Kenneth Olson. “Norwalk needs more people and more commerce in the downtown Wall Street area. We’re going to put the uptown community back together. We’re going to make this place come alive, and Senator Duff was absolutely instrumental in making this happen.”
“The redevelopment of Wall Street has long been a priority for our City as we work to revitalize Norwalk’s downtown,” said Mayor Richard Moccia. “Today’s announcement supplies what I hope and expect will be the final ingredient to make this public-private partnership a reality. I wish to particularly commend the efforts of Senator Bob Duff, DECD Commissioner Catherine Smith and Governor Dannel Malloy in support of this project.”
Sen. Duff also wished to thank the Norwalk legislative delegation for its support of the project, particularly House Minority Leader Lawrence F. Cafero, Jr., Representative Chris Perone and Representative Bruce Morris.