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NORWALK, Conn. - Norwalk's Wall Street Place downtown development will be receiving $5 million in funding from the state, according to State Senator Bob Duff. The State Bond Commission is expected to approve the funds for phase one of the project next week.
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, Duff said. 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.
POKO Partners' Wall Street Place calls for a three-phase development plan for 370 residential units, half of which will be condominiums and the other half rental apartments. There will also be 850 parking spaces and approximately 60,000 square feet of commercial and retail space.
For decades, Connecticut failed to invest in one of the most important economic drivers for our cities affordable housing, said Gov. 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.
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 automated garages.
Phase one will create 101 residential units which will be a mix of approximately 30 percent affordable rental units and 70 percent market-rate rental apartments. 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 Kenneth Olson, POKO Partners president and CEO. Norwalk needs more people and more commerce in the downtown Wall Street area. Were going to put the uptown community back together. Were 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 Norwalks downtown, said Mayor Richard Moccia. Todays announcement supplies what I hope and expect will be the final ingredient to make this public-private partnership a reality."
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