As Norwalk”™s South End neighborhood ”“ SoNo ”“ begins to wipe the recession”™s sleep from its eyes, small business opportunities are on the upswing, with hopes of bigger ones down the pike.
“Like everyone else, we have some empty storefronts,” said Norwalk Mayor Richard Moccia.
Moccia said he has been impressed with how the restaurant and retail businesses along Washington Street seem to be holding up.
“The property owners are actively presenting,” said Moccia. “But we”™re still not completely out of this.”
Moccia said the Maritime Aquarium has increased its numbers over last year, but because of gas prices and tight education budgets haven”™t been able to make a full return.
“We”™ve seen an uptick in our market with more residential properties being sold,” said Moccia.
Moccia said that although he would like to see some larger tenants come to Norwalk, there has been a flow of smaller businesses coming to the city.
“We”™ve had a lot of smaller businesses ”“ moving to management and marketing companies ”“ and we”™ll be announcing a granola company coming to Norwalk this week,” Moccia said. “The addition of those five, 10, 12 jobs helps to keep us going.”
Though vibrancy of the FD Rich-centered ”˜design district”™ has returned, there are locations a block north on West Avenue that continue to show on the listings of available commercial real estate.
Recently vacated was 64 North Main St. It was one of the few restaurant locations to fail in the downtown, most recently home to Kazu, a Japanese restaurant. The Tribecca Coffee House, which opened last year, has also made a shift, now called the BullӪs Head Market Caf̩ after being taken over by BullӪs Head Market of Norwalk and Stamford.
The North side of West Avenue could use the stimulation from the stalled 95-7 project. The project is a major retail, commercial and restaurant space slated and waiting for construction along West Avenue.
Thomas Pajolek, senior vice president of CB Richard Ellis in Stamford, said the 95-7 project is still very much alive. The project would extend the South Norwalk downtown farther north along West Avenue, with major retail and commercial real estate opportunities.
“We”™re still very excited about the project and we need a lead office tenant to have it break ground,” said Pajolek. “As we continue to deal with the congestion on the highways, the site is very viable.”
The 12 acres of vacant land will be developed by Spinnaker Real Estate Partners and Greenfield Partners.
Pajolek said the major tenant would have to fill the 300,000 square foot proposal, a great fit for a financial institution. Alas, most financial institutions have softened their growth in the past two years.
“We”™re continuing to target financial services people as we all marketing companies, ad agencies, and insurance groups; the typical corporate users,” said Pajolek.
Pajolek said there are also variable plans to develop one of the two smaller proposed West Avenue-facing buildings, which would fit a smaller tenant, each of 125,000 square feet.
“Once we get someone in there we can move on that momentum,” said Pajolek.
Pajolek said there is continued interest from retailers, but office tenants are needed to finance the build.
“We need the office tenant, it”™s the linchpin,” said Pajolek. “It will really add another wing on South Norwalk.”
