Bonding approved for 95/7

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.