Stanley M. Seligson Properties is creating Norwalk”™s new identity, said Jeff Kaplan, director at the company.
The Norwalk-based real estate investment development and management company is transforming Norwalk into an interconnected city with retail, parking and apartments, Kaplan said. When construction is complete, there will be four mixed-use buildings with nearly 1,000 apartments on and around West Avenue, which Kaplan calls the “backbone” of the city.
“We”™re literally building a new downtown,” Kaplan said.
Before the recession, the property company and another developer were going to build apartments and retail separately. When the housing market burst, developers abandoned the project. Seligson returned, partnering with Greenwich-based Belpointe to carry out the development and construction. The plans were revised to centralize retail and living space with mixed-use buildings that wrap around multi-level parking garages. Kaplan said more than a billion dollars will be invested in the project.
Chairman and CEO Stanley Seligson, who has family roots in Norwalk and has owned the firm since 1979, has long been involved in Norwalk”™s development. Kaplan said the city was comfortable going forward with the project because of Seligson. His company is investing in the property and the city is investing in utilities like new traffic lights, underground electricity and sidewalks.
Kaplan said his company worked with neighboring sites’ plans. Pedestrians will be able to walk from The Waypointe District to Stepping Stones Museum for Children, Mathews Park and the SoNo Collection, the mall proposed for 12 acres of West Avenue and Interstate 95.
Seligson Properties also owns the former Loehmann”™s plaza, which will become a retail center with a movie theater.
In phase one, the company built the Waypointe building, which opened last year. The first tenants, the Tea House Lofts, moved into phase one in August.  Together the apartments have about 460 units and are 90 percent leased. Construction is still ongoing at the buildings; on the ground floor are pedestrian piazzas, which will soon allow people to walk between stores and restaurants.
Phase two includes The Berkeley and Quincy Lofts.
“They see it and they want to be a part of it,” Kaplan said of the tenants that signed leases despite ongoing construction.
Amenities like an outdoor saltwater pool, a lounge, fitness room and shuttle to the train also attract tenants, Kaplan said. While luxury apartments in Stamford are competition, he said there is high demand for the type of property being built. The rentals are doing better than he had originally expected.
“The market is very strong,” Kaplan said. “It”™s the perfect time to be in the apartment rental business.”
Confirmed restaurants include Barcelona Wine bar, which is moving from South Norwalk, and Bobby Q”™s, which has locations in Westport and Greenwich.
Sedona Taphouse, open since July, is the only restaurant already at Waypointe. CEO and owner Ron Buckstein said even though Waypointe is a construction zone sales are good. His customer base ranges from age 30 to 55. He said customers like that there is ample parking and that outdoor seating is on a plaza away from cars.
Sedona Taphouse opened on the ground floor of The Waypointe in July.
“We”™re happy,” Buckstein said. “We think it”™s going to be an incredible project once it”™s finished.”
JC Salons, a franchise of salon suites that currently has a location in Danbury, is expected to open in late October. Derek Correia, owner of the Danbury and Norwalk salons, said Waypointe is a perfect location because of the mix of restaurants, shops, apartments and the many parking spots.
“The city and the developer have an amazing vision for continued expansion, meaning this will be the place to build a business for the next 10 years and beyond, drawing visitors and shoppers from Norwalk, Darien, Westport, Wilton and well beyond,” Correia said.
Kaplan”™s goal is for the downtown to attract people from affluent nearby towns and to be a destination, not a drive by.
Seligson Properties has not excluded its own building at 605 West Ave. from revitalization. The company is doing a $2 million renovation so one of its tenants, Connecticut Community Bank N.A., which has a branch on the ground floor, can move its Westport headquarters to 17,000 square feet of office space in the building.
Kaplan said the company is actively acquiring sites in Fairfield County and Norwalk. He said there are plans to create a fashion district around furniture store Lillian August, another one of the company”™s properties on Water Street.
Kaplan said Seligson Properties is bringing critical mass to Norwalk”™s downtown. In the next decade, smaller investors will come in and further develop the area.
“Within a 10-year period you”™re going to have a true city center,” Kaplan said.
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