When can Norwalk residents expect the next mixed-use development to OPEN in Norwalk? Most residents are familiar with the fact that multiple mixed-use developments are currently underway. They are painfully aware that there has been much publicity about some of the developments, but not much progress in the grand scheme of things.
Just in the Wall Street to South Norwalk area alone we have Head of the Harbor by M.F. DiScala & Co., Wall Street Place by POKO Partners, Waypointe by Seligson / Belpointe Capital, District 95/7 by Spinnaker Real Estate Partners, 20 North Water Street by Spinnaker Real Estate Partners, and The Pearl by TR Sono Partners.
Those are just some of the mixed-use developments in the works. There are also developments underway on Main Avenue and Connecticut Avenue to bring in “big-box” retailers. Avalon is building another apartment building in East Norwalk. Aside from Avalon and these large retailers, when will Norwalk’s mixed-use developments deliver the goods?
There is no doubt that the developments underway will have a huge impact on Norwalk’s future. For example, consider the Waypointe Development on West Avenue. West Avenue is currently used as a connector to basically get from South Norwalk or I-95 to the center of Norwalk. Imagine West Avenue as a destination to visit? Imagine multiple retailers and multiple restaurants in that location. They will draw in business from all around Norwalk and some of the surrounding towns, not to mention business from the residents who will occupy the hundreds of apartments which will be built on site as part of the development. The residential aspect will offer many condos for sale and apartments for rent.
Some of the developments above have been proposed, but you couldn’t tell with the naked eye that anything has been changed. For example, 95/7 District has stalled out and it doesn’t look like they will be moving ahead anytime in the near future, and after plans to begin demolition on existing buildings, Wall Street Place hasn’t done much of anything.
The good news is that there are some signs of life from these developments. Waypointe is moving along slowly but surely. After completing some site work and getting past an asbestos issue, they look to be starting on foundations. Waypointe’s recent acquisition of Casey’s Sheet Metal adds one of the few remaining puzzle pieces for their site. 20 North Water Street is also off to a good start. Keep in mind that starting hasn’t been an issue (think 95/7 District), it has been the follow through to a completing a project that has been missing with recent Norwalk developments.
Only time will tell which Norwalk development will be the first to open its doors to residents and guests. 2013 looks to be a busy year for Norwalk developments, only some more than others.
Questions about Norwalk real estate? Comments? Feel free to email Todd or visit www.Facebook.com/NorwalkRealEstate
