NORWALK, Conn. — General Growth Properties has revealed there will be key economic impacts as a result of the proposed 95/7 project, now known as The SoNo Collection, according to a press release.
The information was gathered from an economic report prepared by HR&A Advisors Inc., a leading real estate, economic development and public policy consulting firm. The report summarizes the significant economic benefits the project would deliver to the City of Norwalk and the state, including job creation and increased tax revenue, according to a press release.
The findings conclude The SoNo Collection will create 1,900 full-time equivalent jobs during the 30-month construction phase alone, according to a press release. Most of the jobs will be concentrated in the construction sector, but also will benefit a diverse range of supporting industries, including architecture, real estate, healthcare and retail.
After construction of the project, the ongoing retail and hotel operations will support 2,600 full-time equivalent jobs, the majority of which will be in Norwalk, according to a press release.
In addition to job growth, the report highlights key benefits to Norwalk taxpayers. The project is expected to generate more than $5 million in city building permit fees, and would become the third largest taxpayer in the city once the enterprise zone deferred assessment for real estate property tax expires, according to a press release. It is expected the project will generate more than $40 million of taxes to the city during a 15-year period.
The site currently produces $150,000 in annual city tax revenues and, if left undeveloped, would generate only $1.6 million during the same 15-year period, according to a press release.
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