Seligson Named Master Developer of $500M Project

NORWALK, CT-A $500 million plan to redevelop the once thriving West Avenue section of this city has moved a significant step forward now that the Common Council has named locally based Seligson Properties as master developer of the initiative. Seligson Properties, which has been undertaking a study of the district in conjunction with the Norwalk Redevelopment Agency since 1998, will now work to refine a concept plan for submittal to the city by March 2007.

The plan, as currently configured, calls for the development of 535,000 sf of retail space, 75,000 sf of professional office space and 350 units of housing on almost 20 acres at the junction of Route 7 and I-95.

The firm received its designation as master developer from the Norwalk Common Council on Nov. 28.

Stanley Seligson, CEO of Seligson Properties, says of the council's vote, "We're pleased and excited that the council had the confidence in our company to affirm our status as the designated developer for West Avenue. We are continuing to refine our plans in preparation for submission before the March deadline and look forward to our next meetings with the council and other city regulatory agencies."

White Plains, NY-based Street-Works LLC, the design and planning consultants on the project, has created the current design for the West Avenue project. Richard Heapes, co-founding partner of the firm, says, "A key is to link this new development with a revitalized, historic Wall Street along the West Avenue corridor."

Seligson adds, "Our West Avenue redevelopment project is anticipated to be the gateway to the entire West Avenue corridor. Being located in the heart of Fairfield County, it is expected to attract leading national, regional and local retailers to Norwalk, which, by virtue of the many development projects now on the boards in this city, will be the next, great market between New York City and Boston."

Doug Adams, vice president of development for Seligson Properties, says the firm plans to hold some discussions with a couple key retail anchor prospects in the near future, but will not officially launch marketing of the retail space until the International Council of Shopping Centers convention in Las Vegas in May 2007.

Pending the receipt of regulatory approvals, Seligson Properties expects to break ground on the West Avenue project in early 2008. Company officials estimate the project will create 7,500 construction jobs and more than 2,000 permanent jobs, while generating incremental local and state tax revenues in excess of $7.5 million a year, not including parking and other fees.