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Clarion Partners acquired the property at 201 Commons Park South in 2014 for $99 million.
While the county's commercial space vacancy stands at 26.7% -- and is expected to drop to 23.5% next year -- that still compares unfavorably with the nationwide rate of 12.2%.
“A lot of people have the impression that all the new development going on hasn’t created opportunities for below market rate units,” says BLT CEO Ted Ferrarone. “That is a misperception.”
The developer says the system is expected to generate 732,400 kilowatt-hours (kWh) of clean, renewable energy per year, enough to power 70 homes.
Junction at North Seven, which opened May 2 at 87 Glover Ave. in Norwalk, is being touted as a pop-up party space with an indoor beer garden and food hall.
Renovations of the 106,000-square-foot boutique office building include exterior upgrades consisting of a new entrance with an approach from the street that includes an architecturally unique fin system and modern landscaping.
The city that claims to have been “Innovating since 1641” is one of the state’s – never mind Fairfield County’s – brightest stars at the moment in terms of business development, housing, population growth, and potential.
“Looking back 10 years later at the original master plan, which was pretty ambitious and speculative, it’s remarkable how much of it has been realized," says Building & Land Technology Chief Operating Officer Ted Ferrarone.
The 218 apartments are surrounded by a six-mile waterfront boardwalk, two restaurants, a marina and a full-service boatyard.
Over 200 residential rental units are under construction at Harbor Landing, a mixed-use waterfront development; its first occupants are scheduled to move in on June 15.
"Corporations want to be near transportation, which contributes to demand for apartment housing that their workforce wants to be in," said Building and Land Technology COO Ted Ferrarone.
The New York City chain will take over the space formerly occupied by the Mexican restaurant Paloma, which closed in December 2016.
“We’re looking to create a multiuse ecosystem that’s comparable to (Stamford’s) Harbor Point, a 24-hour live-work-play dynamic,” says Ted Ferrarone, chief operating officer at Building and Land Technology.
All together, the acquisition totals 1,214 apartment units.