Port Chester Company Starts 100-Unit Apartment Building in Norwalk, CT

A news release issued Friday by Connecticut state Sen. Bob Duff’s office:

Construction of the long-awaited Wall Street Place mixed-use development began this morning with Gov. Dannel P. Malloy, state Sen. Bob Duff (D-Norwalk) and a host of state and regional officials attending the start of demolition at the site, which will soon be home to more than 100 new apartments and 16,000 square feet of retail business space.

“Supporting the development of affordable and supportive housing is critical to our state’s overall economic development needs and is a key component of our success to get Connecticut moving again,” Malloy said.

“Stable housing leads to stable communities, where families and young professionals create a talented workforce that attracts employers, grows jobs and builds a solid economic base. I’m excited to see the Wall Street Place development in Norwalk move forward and I’m proud that the State of Connecticut could help this project become a reality.”

“New apartments and retail space will help transform Wall Street and add to the vibrancy of the city,” said Sen. Duff. “Attracting jobs and creating diverse housing options is smart strategy to continue our city’s economic growth.”

“Finding an affordable place to live will allow Norwalk families to fully invest in their community, and it frees-up their resources for other necessities and wants,” said state Rep. Chris Perone (D-Norwalk). “More affordable housing is a smart investment for our economy.”

The Phase I of Wall Street Place is a sustainable, mixed-use, mixed-income development in historic downtown that will contain 101 rental units, 36 of which will be affordable to households earning up to 50 percent and 60 percent of the area median income while the reaming 65 units will be market-rate rentals.

Of the affordable units, 10 will be set aside for supportive housing with services provided by Homes with Hope, a local nonprofit that works with the homeless.

Phase I will also contain 16,000 square feet of retail space, 23 surface parking spaces and an automated parking garage (the first of its kind in Connecticut) with over 200 spaces available to residents and the public.

The $46 million development by POKO Partners of Port Chester, NY will be financed with a variety of sources, including

• $23.7 million in conventional debt, $5 million in Urban Act Funds,
• $3.5 million in assistance from the Connecticut Department of Housing, $8.8 million in low-income housing tax credit equity and
• $4.4 million in funding from the City of Norwalk.

“I’m thrilled to see this project is now moving forward after a lot of meetings and a lot of hard work by a lot of people,” said Norwalk Mayor Harry Rilling.

“I want to thank Senator Duff for his assistance in getting this project moving and in working with me and the developer to get it going. I consider this project to be the beginning of the rebirth of the Wall Street area in Norwalk.”

“The department is proud to invest in this project as it will create new housing opportunities for residents and at the same time bring new vitality to the Wall Street section of Norwalk,” said Evonne Klein, Commissioner of the Department of Housing.

“POKO is proud to begin the demolition and construction of this exciting and transformative project,” said POKO Partners President and CEO Kenneth Olson.

“This project is the best example of a public-private partnership. The state, the city and POKO all have significant investments in the success of this project.”

Site plans for the project were initially approved by the Norwalk Zoning Commission in August, 2008, but a court appeal and financial delays postponed groundbreaking

Founded Olson in 1993, POKO Partners specializes in community mixed-use development in urban and suburban areas with commercial and residential components, including affordable and mixed-income housing.

Since its inception, POKO Partners has developed over $750 million in property, including more than 800 residential units and 500,000 square feet of commercial space.

Photo: Connecticut state Sen. Bob Duff with construction workers (photo from Duff’s office)