The Connecticut Development Authority approved $6 million in Recovery Zone Economic Development bonds for the Reed Putnam development project in Norwalk.
“This project is another great example of our state”™s strategic focus on sustainable growth and development,” said Gov. M. Jodi Rell, in a prepared statement. “By helping Norwalk make these important infrastructure upgrades we will redevelop the city”™s urban core and ”“ when the project is complete ”“ create up to 3,000 jobs.”
Spinnaker Real Estate Partners L.L.C. is lead developer of the mixed commercial and residential site, also known as District 95/7 Sono for its location at the junction of Interstate 95 and Route 7 in South Norwalk.
The Recovery Zone Bond Program provides $90 million in financing to designated “recovery zones” throughout the state, helping lower financing costs for developers. The $6 million approved for Reed Putnam will come out of Fairfield County”™s allocation of $26.8 million.
