Duff: State Bond Commission set to approve $3.5 million for Wall Street Place

NORWALK, Conn. — The State Bond Commission is set to approve $3.5 million in funding for the Wall Street Place mixed-use development when it meets this Friday in Hartford.

In September, State Sen. Bob Duff (D-Norwalk) joined Governor Dannel P. Malloy and Norwalk Mayor Harry Rilling for the start of construction at the site, which is planned to be home to more than 100 new apartments and 16,000 square feet of retail business space.

“Wall Street Place is going to be a game changer for Norwalk,” said Duff in a press release. “Additional housing and retail space means more jobs for Norwalk residents, and growth in our local economy. I want to thank Mayor Rilling for his critical support of this development, and Gov. Malloy for being an essential partner in making this project a reality.”

“Housing is a key component of our success to get Connecticut moving again – one that helps individuals and families find stability and employment, and creates stable communities where families and young professionals can thrive,” Malloy said. “Wall Street Place is expanding the availability of affordable and supportive housing units in Norwalk, and I’m proud that the state of Connecticut playing a significant role in helping to get this project off the ground.”

The plan for Phase 1 of Wall Street Place calls for 101 housing units, 16,000 square feet of retail space, 23 surface parking spaces and an automated parking garage with more than 200 spaces available to residents and the public – the first of its kind in Connecticut.

State funding will provide for 36 of the rental units that will be affordable to households earning up to 50 percent and 60 percent of the area median income. Of the affordable units, 10 will be set aside for supportive housing with services provided by Homes with Hope, a local nonprofit.

Half of the development’s cost will be privately financed with the other half coming from federal, state and local funds. The $3.5 million in state funding, originally announced last spring, will be supplemented by $23.7 million in conventional debt, $5 million in Urban Act Funds, $8.8 million in low-income housing tax credit equity and $4.4 million in funding from the City of Norwalk.

The Bond Commission is expected to approve additional funding for Norwalk on Friday. $358,387 will be approved to reimburse Norwalk Harbor Management for visitor and boat launch dredging, and $418,780 will be approved for Side by Side Charter School for various building renovations; parking lot improvements; and heating, ventilating, and air conditioning (HVAC) upgrades. Additionally, $1,595,031 will be approved for renovations to Norwalk Community Health Center’s clinical care facility and upgrades to its computer hardware and software.

“On behalf of the citizens of Norwalk, I thank Sen. Duff and Gov. Malloy for this vital funding, which will facilitate improvements in key Norwalk initiatives,” Rilling said in the release. “It will serve as a catalyst for revitalization of our entire Wall Street area and a means of upgrading Side by Side Charter School. In addition, we are very pleased that Norwalk Harbor Management will be reimbursed for the funds it has wisely spent dredging our harbor to improve access for recreational and commercial vessels.”