$535M Norwalk Project Gets Name

NORWALK, CT-A proposed redevelopment of this city’s West Avenue district that is currently valued at approximately $535 million now has a name–”Waypointe.” The project, to be built on 19 acres across six city blocks, is to be developed by locally based Stanley M. Seligson Properties LLC.

Company officials say the name is derived from the project’s centralized location between New York City and Boston as well as within Fairfield County and even in Norwalk, situated between the SoNo and the Wall Street districts. The project is bordered by Chapel Street to the north; Butler Street to the south; West Avenue to the west and Academy Street to the east.

Seligson Properties earlier this year was named master developer for the venture by the Norwalk Common Council, which has also approved a concept plan for the site. The development firm is now in negotiations with the city on a Land Disposition Agreement, says Jeff Kaplan, director of marketing and communications for Seligson Properties. The design and planning consultant on the project is Street-Works LLC of White Plains.

Waypointe as currently proposed consists of approximately 535,000 sf of retail space, 75,000 sf of office space and 350 housing units along with parking. At least 10% of the housing units will be marketed as affordable. The developer is in the process of constructing a marketing outreach center that will open in the fall of this year. Kaplan says the firm is hopeful of obtaining site plan approval by the spring of 2008 with the hopes of breaking ground by December 2008 and completed by 2011.

“Seligson Properties is proud to be a major catalyst in the renaissance of Norwalk,” says Norwalk native Stanley M. Seligson, president and CEO of Seligson Properties. “Waypointe was visualized as a vibrant neighborhood in the center of Fairfield County with easy access from I-95, the Merritt Parkway, Route 7, and Route 1. Waypointe is right in the middle of it all.”

Company officials say that an aggressive marketing campaign has been launched for prospective retail, office and medical tenants. They add that the development geared as a “live, work, shop and play” destination, will be the largest mixed-use project undertaken in the history of Norwalk.