Wall Street Place Breaks Ground in Downtown Norwalk

Celebrating what is a significant step in the revival of downtown Norwalk, elected officials joined project leaders and the Norwalk community for the groundbreaking on the Wall Street Place redevelopment project. The event, which was hosted by project developers the JHM Group and The Richman Group, was a moment to recognize the transformative project on more than two acres along Wall Street and Isaacs Streets. The project incudes 155 new mixed-income residential units, more than 10,000 square feet of retail and community space, and nearly 200 parking spaces to the community.

“This project will take what was once a parking lot and transform it into a mixture of much-needed housing, retail, and community space that will make downtown Norwalk an even more vibrant place to live and work,” Governor Ned Lamont said to a packed crowd at the groundbreaking.

“Putting shovels in the ground is always something to celebrate, especially for a project like Wall Street Place which has been many years in the making,” said Todd D. McClutchy, president of JHM Group, which is managing this redevelopment project. “Today, Wall Street Place is becoming a beautiful reality to a unique, up-and-coming part of the city.”

The Wall Street buildings were demolished a decade ago as part of a redevelopment effort that was halted in 2016. Wall Street Place now turns these blighted and vacant properties into a state-of-the-art, energy-efficient community built in traditional architectural style.

“The Year of Wall Street has arrived,” said Senate Majority Leader Bob Duff. “I have been working on getting the Wall Street project moving, with the help of countless individuals, for almost my entire legislative career. The fits and starts are behind us and today we are seeing progress that will ultimately be transformative for Norwalk’s downtown and the whole area.”

“This project took patience, perseverance and a strong partnership between public and private partners to create state-of-the-art, mixed-income housing in downtown Wall Street that will help transform the area,” said Norwalk Mayor Harry W. Rilling. “We are all committed to increasing housing stability for our community and for local employers, and we will have more exciting updates about various improvements in the area in the coming weeks. It’s a great time to work, live and shop in Norwalk."

“We are proud to help finance the realization of Wall Street Place, the long-anticipated revival and reimagining of a transformative redevelopment project in the City of Norwalk” said Jim Bendernagel, Vice President of Citi Community Capital. “We celebrate the relentless perseverance of the developer team, and the vision and profound support of the public partners that made this achievement possible.”

With headquarters in Stamford, Conn., the JHM Group is a fully integrated firm involved in all aspects of the real estate and renewable energy industries including finance, development, construction, and asset and property management. For more than 40 years, JHM has ensured success in these areas by developing expertise in real estate and energy laws, rules and regulations, zoning, market analysis, construction, engineering, management, operations and finance.