$450M Project Gets Green Light

The $450-million project is being developed by a locally based joint venture of Spinnaker Real Estate Partners LLC and Greenfield Partners LLC and will total 1.1 million sf. With the approvals in hand, officials with the joint venture say the multi-phased development is scheduled to break ground by year's end.

"We are glad to be at the point of final approvals, particularly after all the hard work on our part and that of the city. We are ready to go to the market with this forward-looking, 21st century project that will redefine the way people will work, shop, stay, live and play in Norwalk," says Clayton Fowler, principal of Spinnaker Real Estate Partners LLC.

The plan, which the developer says will create a new gateway into the City of Norwalk, calls for 600,000 sf of class A office, 125,000 sf of retail, a 150-room hotel, approximately 300 residential units and 2,500 parking spaces. The office space will be housed in four buildings, including a 13-story 300,000-sf property that will be the tallest building in Norwalk when completed. The developer is seeking LEED certification on the office buildings.

Both the office and retail leasing agents are bullish on the development's prospects to secure tenants. Robert Caruso, senior managing director of CB Richard Ellis, the exclusive office leasing agent, says, "District 95/7 is one of Connecticut's largest and most exciting new developments. We believe the project has the most accessible location in the county at the intersection of I-95 and Route 7, and that it will also benefit from direct access to New York City via SoNo's--South Norwalk's--nearby Metro-North train station."

Patrick Smith, EVP and principal of Staubach Retail, the exclusive retail leasing, adds, "District 95/7 is truly an exciting project, and in our opinion, it is the best retail location in Fairfield County."